Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.54% against the USD and closed at USD53.02 per barrel, after the Energy Information Administration (EIA), in its monthly report, forecasted that US shale oil production from seven major regions is set to climb by 80,000 barrels per day (bpd) to 4.87 million bpd in March.
Separately, Saudi Arabia reported that its crude output was reduced by the most in more than eight years in January.
In the Asian session, at GMT0400, the pair is trading at 53.04, with the oil trading marginally higher from yesterday’s close.
The pair is expected to find support at 52.58, and a fall through could take it to the next support level of 52.11. The pair is expected to find its first resistance at 53.70, and a rise through could take it to the next resistance level of 54.35.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
