For the 24 hours to 23:00 GMT, Crude Oil declined 0.44% against the USD and closed at USD57.00 per barrel, after the OPEC, in its 2017 World Oil Outlook, raised its projection for US shale oil production to 5.1 million barrels per day (bpd) for 2017 from a previous estimate of 4.1 million bpd. The cartel also indicated that North American shale output would climb to 7.5 million bpd in 2021.
Additionally, the Energy Information Administration (EIA) projected that US crude oil output might increase by 720,000 bpd to 9.95 million bpd in 2018.
Meanwhile, the American Petroleum Institute announced that US crude inventories declined by 1.56 million barrels for the week ended 03 November.
In the Asian session, at GMT0400, the pair is trading at USD57.00 per barrel, with Crude Oil remaining unchanged from yesterday’s close, ahead of EIA’s weekly crude inventory data due later today.
The pair is expected to find support at 56.65, and a fall through could take it to the next support level of 56.31. The pair is expected to find its first resistance at 57.52, and a rise through could take it to the next resistance level of 58.03.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.