Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.52% against the USD and closed at USD70.23 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles declined by 5.3 million barrels to 396.2 million in the week ended 07 September. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) stated that August crude production by the cartel rose 278,000 bls a day to average 32.56mn bls a day. Further, the OPEC slightly lowered its forecast for growth in world oil demand this year to 1.62mn bls a day.
In the Asian session, at GMT0300, the pair is trading at 69.86, with oil trading 0.53% lower against the USD from yesterday’s close.
The pair is expected to find support at 69.15, and a fall through could take it to the next support level of 68.45. The pair is expected to find its first resistance at 70.91, and a rise through could take it to the next resistance level of 71.97.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
