Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.46% against the USD and closed at USD71.92 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories rose 2.9 million barrels to 402.4 million barrels in the week ended 21 September.
In the Asian session, at GMT0300, the pair is trading at 72.20, with oil trading 0.39% higher against the USD from yesterday’s close.
The pair is expected to find support at 71.76, and a fall through could take it to the next support level of 71.32. The pair is expected to find its first resistance at 72.71, and a rise through could take it to the next resistance level of 73.22.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.