Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 2.84% against the USD and closed at USD64.89 per barrel, after the US Energy Information Administration reported that crude oil inventories unexpectedly rose by 6.8 million barrels to 414.2 million in the week ended 10 August 2018.

In the Asian session, at GMT0300, the pair is trading at 65.05, with oil trading 0.25% higher against the USD from yesterday’s close, after Beijing indicated that it would send a delegation to Washington to resolve trade disputes between the US and China.

The pair is expected to find support at 64.02, and a fall through could take it to the next support level of 62.99. The pair is expected to find its first resistance at 66.49, and a rise through could take it to the next resistance level of 67.93.

Crude oil is trading below its 20 Hr and 50 Hr moving averages.

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