Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil remained flat against the USD and closed at USD56.11 per barrel.

Separately, the American Petroleum Institute reported that the US crude oil inventories fell by 3.5 million barrels to 439.8 million barrels in the week ended 16 August 2019.

In the Asian session, at GMT0300, the pair is trading at 56.30, with oil trading 0.34% higher against the USD from yesterday’s close.

The pair is expected to find support at 55.44, and a fall through could take it to the next support level of 54.58. The pair is expected to find its first resistance at 56.88, and a rise through could take it to the next resistance level of 57.46.

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

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