Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.42% against the USD and closed at 42.68, after the American Petroleum Institute (API) disclosed that US crude stockpiles surprisingly rose by 2.1 million barrels to 520.8 million barrels during the week ended 05 August.
In the Asian session, at GMT0300, the pair is trading at 42.74, with the oil trading 0.14% higher from yesterday’s close.
The pair is expected to find support at 42.30, and a fall through could take it to the next support level of 41.86. The pair is expected to find its first resistance at 43.35, and a rise through could take it to the next resistance level of 43.96.
Crude oil is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
