Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.04% against the USD and closed at USD46.48 per barrel, as reports of a decrease in Saudi Arabian crude exports boosted investor sentiment.
Separately, the American Petroleum Institute (API) reported a surprise build of 1.6 million barrels in US crude oil inventories in the week ended 14 July, taking the total to 497.2 million barrels.
In the Asian session, at GMT0300, the pair is trading at 46.33, with the oil trading 0.32% lower against the USD from yesterday’s close.
The pair is expected to find support at 45.79, and a fall through could take it to the next support level of 45.24. The pair is expected to find its first resistance at 46.90, and a rise through could take it to the next resistance level of 47.46.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
