For the 24 hours to 23:00 GMT, Crude Oil rose 3.33% against the USD and closed at USD52.16 per barrel, amid continued optimism over US-China trade negotiations and after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles fell by 1.7 million barrels to 439.7 million in the week ended 04 January 2019. Additionally, a report showed that OPEC oil production fell by 630,000 bls a day to a six-month low of 32.43mn bls in December.
In the Asian session, at GMT0400, the pair is trading at 51.91, with oil trading 0.48% lower against the USD from yesterday’s close.
The pair is expected to find support at 50.53, and a fall through could take it to the next support level of 49.14. The pair is expected to find its first resistance at 52.94, and a rise through could take it to the next resistance level of 53.96.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.