Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.12% against the USD and closed at USD51.87 per barrel, lifted by concerns about global crude supplies after Iraqi forces seized the oil-rich city of Kirkuk.
Meanwhile, the Energy Information Administration (EIA) estimated that US shale crude-oil production from seven major oil plays would edge up by 81,000 barrels per day (bpd) in November to 6.12 million bpd.
In the Asian session, at GMT0300, the pair is trading at 51.80, with the oil trading 0.13% lower against the USD from yesterday’s close.
The pair is expected to find support at 51.48, and a fall through could take it to the next support level of 51.17. The pair is expected to find its first resistance at 52.24, and a rise through could take it to the next resistance level of 52.69.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
