Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.61% against the USD and closed at USD47.71 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories declined by 3.6 million barrels to 465.6 million barrels in the week ended 18 August.
Meanwhile, gains in crude prices were limited, as Libya’s largest oil field, Sharara, restarted after a shutdown.
In the Asian session, at GMT0300, the pair is trading at 47.70, with the oil trading a tad lower against the USD from yesterday’s close.
The pair is expected to find support at 47.30, and a fall through could take it to the next support level of 46.91. The pair is expected to find its first resistance at 48.15, and a rise through could take it to the next resistance level of 48.61.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
