Crude Oil Movement
Crude Oil prices declined 0.31% against the USD for the 24 hour period ending 23:00GMT, closing at 67.40. However, losses were capped after a weekly report from the Energy Information Administration (EIA) showed that the US crude stockpiles unexpectedly fell by 3.7 million barrels to 379.3 million barrels in the week ended November 28, against an anticipated gain of 1.3 million barrels.
In the Asian session, at GMT0400, the pair is trading at 67.83, with the oil trading 0.64% higher from yesterday’s close.
The pair is expected to find support at 67.01, and a fall through could take it to the next support level of 66.19. The pair is expected to find its first resistance at 68.44, and a rise through could take it to the next resistance level of 69.05.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
