Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.16% against the USD and closed at 45.28, on renewed supply glut concerns. Data intelligence company, Genscape, reported that the Cushing, Oklahoma delivery hub for US crude futures saw a supply build of 26,460 barrels in the week ended July 15.
In the Asian session, at GMT0300, the pair is trading at 45.09, with the oil trading 0.42% lower from yesterday’s close.
The pair is expected to find support at 44.61, and a fall through could take it to the next support level of 44.12. The pair is expected to find its first resistance at 45.83, and a rise through could take it to the next resistance level of 46.56.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
