Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.03% against the USD and closed at USD54.97 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles rose by 5.7 million barrels to 438.9 million in the week ended 25 October 2019.
In the Asian session, at GMT0400, the pair is trading at 55.18, with oil trading 0.38% higher against the USD from yesterday’s close, amid expectations of additional stimulus from China, following weak PMI data.
The pair is expected to find support at 54.49, and a fall through could take it to the next support level of 53.80. The pair is expected to find its first resistance at 55.80, and a rise through could take it to the next resistance level of 56.42.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
