Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.13% against the USD and closed at USD52.90 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories advanced by 10.5 million barrels to 432.5 million barrels in the week ended 11 October 2019.
In the Asian session, at GMT0300, the pair is trading at 52.92, with oil trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 52.37, and a fall through could take it to the next support level of 51.83. The pair is expected to find its first resistance at 53.60, and a rise through could take it to the next resistance level of 54.29.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
