Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.19% against the USD and closed at USD57.17 per barrel, amid US-China trade progress and after the Organization of the Petroleum Exporting Countries (OPEC) stated that it expects a continuous decline in oil supplies over the next five years. Meanwhile, the American Petroleum Institute (API) reported that US crude oil inventories rose 4.3 million barrels to 440.5 million barrels in the week ended 01 November 2019.
In the Asian session, at GMT0400, the pair is trading at 56.87, with oil trading 0.52% lower against the USD from yesterday’s close.
The pair is expected to find support at 56.33, and a fall through could take it to the next support level of 55.78. The pair is expected to find its first resistance at 57.46, and a rise through could take it to the next resistance level of 58.04.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
