Crude Oil Movement
Crude Oil prices declined 0.54% against the USD for the 24 hour period ending 23:00GMT, closing at 73.50, amid rising speculations that the Organization of the Petroleum Exporting Countries (OPEC’s) would not trim its production output level, ahead of the cartel’s meeting scheduled in Vienna.
Meanwhile, data from the Energy Information Administration (EIA) showed that the US crude inventories increased by 1.95 million barrels to 383.0 million barrels against an anticipated gain of 250,000 barrels in the week ended 21 November.
In the Asian session, at GMT0400, the pair is trading at 72.74, with the crude oil trading 1.03% lower from yesterday’s close.
The pair is expected to find support at 72.07, and a fall through could take it to the next support level of 71.40. The pair is expected to find its first resistance at 73.94, and a rise through could take it to the next resistance level of 75.14.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
