Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.05% against the USD and closed at USD58.18 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles unexpectedly rose by 1.1 million barrels to 417.1 million in the week ended 13 September 2019. Additionally, the US President Donald Trump ordered the Treasury Department to increase sanctions on Iran considerably.
In the Asian session, at GMT0300, the pair is trading at 58.23, with oil trading 0.09% higher against the USD from yesterday’s close.
The pair is expected to find support at 57.46, and a fall through could take it to the next support level of 56.68. The pair is expected to find its first resistance at 59.22, and a rise through could take it to the next resistance level of 60.20.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.