Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 1.00% against the USD and closed at USD68.64 per barrel, amid worries that escalating global trade tensions would reduce demand for the commodity.

Separately, the American Petroleum Institute (API) reported that US crude oil inventories declined by 1.17 million barrels to 406.8 million barrels in the week ended 31 August.

In the Asian session, at GMT0300, the pair is trading at 68.56, with oil trading 0.12% lower against the USD from yesterday’s close.

The pair is expected to find support at 68.12, and a fall through could take it to the next support level of 67.67. The pair is expected to find its first resistance at 69.29, and a rise through could take it to the next resistance level of 70.03.

Crude oil is trading below its 20 Hr and 50 Hr moving averages.

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