Crude Oil Movement
Crude Oil prices declined 3.33% against the USD for the 24 hour period ending 23:00GMT, closing at 74.33, amid rising speculations that the Organization of Petroleum Exporting Countries (OPEC) would maintain its current output levels, despite crude prices dropping sharply.
Meanwhile, the Energy Information Administration (EIA) reported that the US crude oil inventories fell by 1.7 million barrels to 378.5 million barrels, higher than market expected drop of a 0.5 million barrels in the week ended 07 November.
In the Asian session, at GMT0400, the pair is trading at 74.33, with the oil trading flat from yesterday’s close.
The pair is expected to find support at 73.21, and a fall through could take it to the next support level of 72.09. The pair is expected to find its first resistance at 76.30, and a rise through could take it to the next resistance level of 78.27.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
