Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.72% against the USD and closed at USD52.50 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles rose by 2.4 million barrels to 438.9 million in the week ended 02 August 2019
In the Asian session, at GMT0300, the pair is trading at 52.54, with oil trading 0.08% higher against the USD from yesterday’s close.
The pair is expected to find support at 50.79, and a fall through could take it to the next support level of 49.04. The pair is expected to find its first resistance at 54.02, and a rise through could take it to the next resistance level of 55.50.
Crude oil is trading in between its 20 Hr and 50 Hr moving averages.