Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.48% against the USD and closed at USD57.90 per barrel.
Separately, the Energy Information Administration (EIA) report indicated that US crude oil stockpiles fell by 8.5 million barrels to 436.5 million in the week ended 25 July 2019
In the Asian session, at GMT0300, the pair is trading at 57.89, with oil trading a tad lower against the USD from yesterday’s close.
The pair is expected to find support at 57.27, and a fall through could take it to the next support level of 56.66. The pair is expected to find its first resistance at 58.66, and a rise through could take it to the next resistance level of 59.44.
Crude oil is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.