Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.87% against the USD and closed at USD46.80 per barrel, after the Energy Information Administration (EIA) disclosed that weekly crude production in the US jumped to its highest level in over two years last week.
The US weekly crude output rose by 79,000 barrels per day (bpd) to 9.502 million bpd last week.
However, losses in crude prices were limited, after the EIA report indicated that US crude oil stockpiles declined by 8.95 million barrels to 466.5 million barrels in the week ended 11 August.
In the Asian session, at GMT0300, the pair is trading at 46.88, with the oil trading 0.17% higher against the USD from yesterday’s close.
The pair is expected to find support at 46.37, and a fall through could take it to the next support level of 45.86. The pair is expected to find its first resistance at 47.69, and a rise through could take it to the next resistance level of 48.50.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
