Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.3% against the USD and closed at USD52.39 per barrel, after the American Petroleum Institute (API) reported an unexpected rise of 4.7 million barrels in the US crude stockpiles during the week ended 09 December 2016.
In the Asian session, at GMT0400, the pair is trading at 52.35, with the oil trading 0.08% lower from yesterday’s close.
The pair is expected to find support at 51.83, and a fall through could take it to the next support level of 51.31. The pair is expected to find its first resistance at 53.14, and a rise through could take it to the next resistance level of 53.93.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
