Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 3.30% against the USD and closed at USD56.98 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles rose less-than-anticipated by 1.4 million barrels to 450.4 million in the week ended 15 November 2019. Additionally, Russian President, Vladimir Putin, stated that Russia would continue to co-operate with the Organization of the Petroleum Exporting Countries (OPEC) to keep the global oil market balanced.
In the Asian session, at GMT0400, the pair is trading at 56.88, with oil trading 0.18% lower against the USD from yesterday’s close, amid uncertainty over US-China trade deal.
The pair is expected to find support at 55.36, and a fall through could take it to the next support level of 53.85. The pair is expected to find its first resistance at 57.88, and a rise through could take it to the next resistance level of 58.89.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
