Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.61% against the USD and closed at USD45.56 per barrel, extending its previous session gains, after the Energy Information Administration (EIA) reported that US crude oil inventories unexpectedly dropped by 6.2 million barrels to 504.6 million barrels during the week ended 16 September, falling for the third consecutive week.
In the Asian session, at GMT0300, the pair is trading at 45.81, with the oil trading 0.55% higher from yesterday’s close.
The pair is expected to find support at 45.05, and a fall through could take it to the next support level of 44.30. The pair is expected to find its first resistance at 46.22, and a rise through could take it to the next resistance level of 46.64.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
