Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.16% against the USD and closed at USD44.39 per barrel, after a report indicated that that the Organization of the Petroleum Exporting Countries (OPEC) pumped record high crude oil in October, resurfacing supply glut concerns.
The International Energy Agency (IEA) disclosed that OPEC oil production rose by 230,000 barrels per day (bpd) to a record 33.83 million bpd in October. Further, it warned that if the supply surplus persists in 2017 and if some individual members continue to expand their crude production, it could lead to relentless supply growth.
In the Asian session, at GMT0400, the pair is trading at 44.44, with the oil trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 43.91, and a fall through could take it to the next support level of 43.39. The pair is expected to find its first resistance at 45.30, and a rise through could take it to the next resistance level of 46.17.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
