Crude Oil: Oil reverses its losses in the morning session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.49% against the USD and closed at USD57.38 per barrel, as investors grew pessimistic that major oil producing countries would strike a deal to extend OPEC’s output cuts.

Separately, the Energy Information Administration (EIA) reported that US crude oil stockpiles fell 3.4 million barrels to 453.7 million barrels in the week ended 24 November.

In the Asian session, at GMT0400, the pair is trading at 57.42, with oil trading 0.07% higher against the USD from yesterday’s close, with investors looking forward to the OPEC’s meeting in Vienna, due later in the day.

The pair is expected to find support at 56.68, and a fall through could take it to the next support level of 55.94. The pair is expected to find its first resistance at 58.23, and a rise through could take it to the next resistance level of 59.04.

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

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