Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.47% against the USD and closed at USD55.85 per barre, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles dropped by 10.0 million barrels to 427.8 million in the week ended 23 August 2019.
In the Asian session, at GMT0300, the pair is trading at 55.62, with oil trading 0.41% lower against the USD from yesterday’s close.
The pair is expected to find support at 55.06, and a fall through could take it to the next support level of 54.49. The pair is expected to find its first resistance at 56.47, and a rise through could take it to the next resistance level of 57.31.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
