Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.99% against the USD and closed at USD50.76 per barrel, after the International Energy Agency (IEA) disclosed that the Organization of the Petroleum Exporting Countries (OPEC) boosted its output by 160,000 barrels a day to a record 33.64 million barrels a day in September.
In the Asian session, at GMT0300, the pair is trading at 50.90, with the oil trading 0.28% higher from yesterday’s close.
The pair is expected to find support at 50.35, and a fall through could take it to the next support level of 49.79. The pair is expected to find its first resistance at 51.50, and a rise through could take it to the next resistance level of 52.09.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
