Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.37% against the USD and closed at USD56.32 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles declined by 4.8 million barrels to 423.0 million in the week ended 31 August 2019.
In the Asian session, at GMT0300, the pair is trading at 56.41, with oil trading 0.16% higher against the USD from yesterday’s close.
The pair is expected to find support at 55.52, and a fall through could take it to the next support level of 54.63. The pair is expected to find its first resistance at 57.53, and a rise through could take it to the next resistance level of 58.65.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.