Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.37% against the USD and closed at USD75.20 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories rose by 0.9 million barrels to 403.3 million barrels in the week ended 28 September.
In the Asian session, at GMT0300, the pair is trading at 75.22, with oil trading a tad higher against the USD from yesterday’s close.
The pair is expected to find support at 74.79, and a fall through could take it to the next support level of 74.37. The pair is expected to find its first resistance at 75.78, and a rise through could take it to the next resistance level of 76.33.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.