Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.14% against the USD and closed at USD50.98 per barrel, amid growing doubts that the OPEC would be able to reduce crude supplies after a report indicated that OPEC produced record high crude in November.
Separately, the American Petroleum Institute reported that US crude stockpiles fell 2.2 million barrels last week.
In the Asian session, at GMT0400, the pair is trading at 50.55, with the oil trading 0.84% lower from yesterday’s close.
The pair is expected to find support at 50.02, and a fall through could take it to the next support level of 49.49. The pair is expected to find its first resistance at 51.34, and a rise through could take it to the next resistance level of 52.13.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
