Crude Oil: Oil trading lower ahead of API’s crude inventory data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, the Crude Oil rose 0.30% against the USD and closed at USD54.08 per barrel, amid growing optimism that the OPEC and non-OPEC members would extend their output-cut agreement beyond March 2018.

In the Asian session, at GMT0400, the pair is trading at USD54.06 per barrel, with the Crude Oil trading a tad lower from yesterday’s close, as weaker than expected Chinese manufacturing PMI data for October raised demand concerns for the commodity.

The pair is expected to find support at 53.72, and a fall through could take it to the next support level of 53.38. The pair is expected to find its first resistance at 54.43, and a rise through could take it to the next resistance level of 54.80.

Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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