Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil marginally rose against the USD and closed at USD52.11 per barrel.
Meanwhile, the American Petroleum Institute (API) reported that US crude oil inventories surprisingly fell by 761,000 barrels in the week ended 22 September.
In the Asian session, at GMT0300, the pair is trading at 52.12, with the oil trading a tad higher against the USD from yesterday’s close.
The pair is expected to find support at 51.56, and a fall through could take it to the next support level of 50.99. The pair is expected to find its first resistance at 52.56, and a rise through could take it to the next resistance level of 52.99.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
