Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.85% against the USD and closed at USD55.96 per barrel, amid hopes that OPEC and other producers would discuss supply cuts at a meeting next month. Meanwhile, the American Petroleum Institute (API) reported that US crude oil inventories advanced by 8.8 million barrels to 440.7 million barrels in the week ended 09 November.
In the Asian session, at GMT0400, the pair is trading at 55.96, with oil trading flat against the USD from yesterday’s close.
The pair is expected to find support at 54.94, and a fall through could take it to the next support level of 53.91. The pair is expected to find its first resistance at 57.18, and a rise through could take it to the next resistance level of 58.39.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
