Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.59% against the USD and closed at USD58.24 per barrel, after the Organization of Petroleum Exporting Countries (OPEC) and its allies agreed to extend oil production reduction for six months from March 2020 and amid positive developments in the US-China trade talks Meanwhile, the American Petroleum Institute (API) reported that US crude oil inventories rose by 3.6 million barrels to 449.6 million barrels in the week ended 22 November 2019.
In the Asian session, at GMT0400, the pair is trading at 58.25, with oil trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 57.82, and a fall through could take it to the next support level of 57.39. The pair is expected to find its first resistance at 58.62, and a rise through could take it to the next resistance level of 58.99.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
