Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.88% against the USD and closed at USD44.87 per barrel, after the Energy Information Administration (EIA) reported that US crude stockpiles recorded a larger-than-expected build of 2.3 million barrels to 525.9 million barrels during the week ended 26 August 2016.
In the Asian session, at GMT0300, the pair is trading at 44.9, with the oil trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 44.14, and a fall through could take it to the next support level of 43.37. The pair is expected to find its first resistance at 46.04, and a rise through could take it to the next resistance level of 47.17.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
