Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.56% against the USD and closed at USD46.84 per barrel, after the Energy Information Administration (EIA) revealed that the US crude oil inventories unexpectedly rose by 2.50 million barrels to 523.60 million barrels during the week ended 19 August, thus reigniting supply glut concerns.
In the Asian session, at GMT0300, the pair is trading at 46.77, with the oil trading 0.15% lower from yesterday’s close.
The pair is expected to find support at 46.25, and a fall through could take it to the next support level of 45.72. The pair is expected to find its first resistance at 47.50, and a rise through could take it to the next resistance level of 48.22.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
