Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.08% against the USD and closed at USD52.07 per barrel.
Meanwhile, the Energy Information Administration (EIA) announced a drop of 1.8 million barrels in US crude oil stockpiles in the week ended 22 September.
In the Asian session, at GMT0300, the pair is trading at 51.95, with the oil trading 0.23% lower against the USD from yesterday’s close.
The pair is expected to find support at 51.61, and a fall through could take it to the next support level of 51.26. The pair is expected to find its first resistance at 52.32, and a rise through could take it to the next resistance level of 52.68.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
