Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 3.42% against the USD and closed at USD54.77 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles rose by 1.6 million barrels to 440.5 million in the week ended 09 August 2019.
In the Asian session, at GMT0300, the pair is trading at 55.01, with oil trading 0.44% higher against the USD from yesterday’s close.
The pair is expected to find support at 53.79, and a fall through could take it to the next support level of 52.56. The pair is expected to find its first resistance at 56.42, and a rise through could take it to the next resistance level of 57.82.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.