Crude Oil Movement
Crude Oil prices traded a tad higher against the USD for the 24 hour period ending 23:00GMT, closing at 74.30.
Separately, the Energy Information Administration (EIA) showed that the US crude stockpiles unexpectedly gained by 2.6 million barrels to 381.1 million barrels, against market expectations for a decline of 0.8 million barrels in the week ended November 14.
Yesterday, Libya’s OPEC Governor opined that the OPEC should cut its output production target as the market was already over-supplied.
In the Asian session, at GMT0400, the pair is trading at 74.55, with the oil trading 0.34% higher from yesterday’s close.
The pair is expected to find support at 73.82, and a fall through could take it to the next support level of 73.09. The pair is expected to find its first resistance at 75.34, and a rise through could take it to the next resistance level of 76.13.
Crude oil is trading slightly below its 20 Hr and 50 Hr moving averages.
