Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.0% against the USD and closed at USD49.96 per barrel, as mounting doubts over the effectiveness of OPEC’s production cut deal, dented demand for the commodity.
Separately, the Energy Information Administration (EIA) reported a decline of 2.4 million barrels in the US crude stockpiles to 485.8 million barrels in the week ended 02 December.
In the Asian session, at GMT0300, the pair is trading at 49.9, with the oil trading 0.12% lower from yesterday’s close.
The pair is expected to find support at 49.35, and a fall through could take it to the next support level of 48.79. The pair is expected to find its first resistance at 50.83, and a rise through could take it to the next resistance level of 51.75.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
