Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.44% against the USD and closed at USD55.30 per barrel, amid expectations that OPEC would extend its crude production cut in a meeting at the end of this month.
However, gains in crude prices were limited, after the Energy Information Administration (EIA) reported a surprise climb of 1.9 million barrels to 459.0 million barrels in US crude inventories during the week ended 10 November.
In the Asian session, at GMT0400, the pair is trading at 55.35, with the oil trading 0.09% higher against the USD from yesterday’s close.
The pair is expected to find support at 54.97, and a fall through could take it to the next support level of 54.58. The pair is expected to find its first resistance at 55.65, and a rise through could take it to the next resistance level of 55.94.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
