Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.55% against the USD and closed at USD50.78 per barrel, after the International Energy Agency (IEA) disclosed that global crude production rose by 90,000 barrels per day (bpd) in September to 97.5 million bpd.
However, crude prices pared their losses, after the Energy Information Administration (EIA) reported that US crude stockpiles dropped 2.8 million barrels to 462.2 million barrels in the week ended 06 October.
In the Asian session, at GMT0300, the pair is trading at 50.89, with the oil trading 0.22% higher against the USD from yesterday’s close.
The pair is expected to find support at 50.33, and a fall through could take it to the next support level of 49.77. The pair is expected to find its first resistance at 51.27, and a rise through could take it to the next resistance level of 51.65.
Crude oil is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
