Crude Oil Movement
Crude oil prices declined 1.37% against the USD for the 24 hour period ending 23:00GMT, closing at 45.22, despite the Energy Information Administration (EIA) disclosing a drawdown in US crude stockpiles.
The EIA revealed that US crude oil inventories eased more than expected by 4.4 million barrels to 455.3 million barrels in the week ended 31 July.
In the Asian session, at GMT0300, the pair is trading at 45.16, with crude oil trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 44.42, and a fall through could take it to the next support level of 43.69. The pair is expected to find its first resistance at 46.29, and a rise through could take it to the next resistance level of 47.43.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
