Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil climbed 4.86% against the USD and closed at USD45.73 per barrel, amid mounting expectations that the Organization of the Petroleum Exporting Countries (OPEC) will agree to cut production to reduce a supply glut later this month.
Separately, the American Petroleum Institute reported that US crude oil inventories climbed by 3.65 million barrels to 488.8 million in the week ended 11 November.
In the Asian session, at GMT0400, the pair is trading at 45.58, with the oil trading 0.33% lower from yesterday’s close.
The pair is expected to find support at 44.38, and a fall through could take it to the next support level of 43.19. The pair is expected to find its first resistance at 46.43, and a rise through could take it to the next resistance level of 47.29.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
