Crude Oil: Oil trading lower, ahead of Baker Hughes weekly rig count data

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 2.62% against the USD and closed at USD51.69 per barrel, after the OPEC postponed its decision on production reduction.

Meanwhile, the Energy Information Administration (EIA) report indicated that US crude oil stockpiles dropped by 7.3 million barrels to 442.7 million in the week ended 30 November

In the Asian session, at GMT0400, the pair is trading at 51.34, with oil trading 0.68% lower against the USD from yesterday’s close.

The pair is expected to find support at 49.85, and a fall through could take it to the next support level of 48.35. The pair is expected to find its first resistance at 53.07, and a rise through could take it to the next resistance level of 54.79.

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

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