Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.12% against the USD and closed at USD56.04 per barrel, after the Energy Information Administration (EIA) reported a less than expected decline in US crude inventories. The EIA reported that domestic crude supplies fell by 2.7 million barrels for the week ended 16 August 2019 and less than market expectations for a decline of 3.1 million barrels.
In the Asian session, at GMT0300, the pair is trading at 55.70, with oil trading 0.61% lower against the USD from yesterday’s close.
The pair is expected to find support at 55.12, and a fall through could take it to the next support level of 54.55. The pair is expected to find its first resistance at 56.70, and a rise through could take it to the next resistance level of 57.71.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.