Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.14% against the USD and closed at USD52.48 per barrel, after Saudi Arabia’s Energy Minister, Khalid al-Falih, stated that his nation remains committed to end the current global supply glut.
Separately, the American Petroleum Institute indicated that US crude oil inventories surprisingly rose by 0.52 million barrels to 461.9 million barrels in the week ended 20 October.
In the Asian session, at GMT0300, the pair is trading at 52.44, with the oil trading 0.08% lower against the USD from yesterday’s close.
The pair is expected to find support at 51.79, and a fall through could take it to the next support level of 51.13. The pair is expected to find its first resistance at 52.86, and a rise through could take it to the next resistance level of 53.27.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
