For the 24 hours to 23:00 GMT, Crude Oil rose 2.36% against the USD and closed at USD54.72 per barrel, amid hopes that key oil producers will agree to cut production at a meeting early next month. Meanwhile, the Energy Information Administration (EIA) report indicated that US crude oil stockpiles rose by 4.9 million barrels to 447.0 million in the week ended 16 November.
In the Asian session, at GMT0400, the pair is trading at 54.43, with oil trading 0.53% lower against the USD from yesterday’s close.
The pair is expected to find support at 53.65, and a fall through could take it to the next support level of 52.86. The pair is expected to find its first resistance at 55.54, and a rise through could take it to the next resistance level of 56.64.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.