Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 3.25% against the USD and closed at USD 43.72 per barrel, extending its previous session losses. However, losses in crude prices were kept in check, after the Energy Information Administration (EIA) reported a surprise draw of 559,000 barrels in US crude oil inventories to 510.8 million barrels during the week ended 09 September.
In the Asian session, at GMT0300, the pair is trading at 43.65, with the oil trading 0.16% lower from yesterday’s close.
The pair is expected to find support at 42.94, and a fall through could take it to the next support level of 42.22. The pair is expected to find its first resistance at 44.85, and a rise through could take it to the next resistance level of 46.04.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
