Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.17% against the USD and closed at USD56.76 per barrel, after OPEC, in its monthly report, stated that US crude production would surge faster-than-expected in 2018.
The organisation slashed its global crude demand estimate by 270,000 barrels per day (bpd) to 33.2 million bpd for 2018. However, it raised US crude oil production growth next year by 180,000 bpd to 1.1 million bpd.
Separately, the Energy Information Administration (EIA) reported that US crude oil inventories fell 5.1 million barrels to 443.0 million barrels in the week ended 08 December.
In the Asian session, at GMT0400, the pair is trading at 56.76, with oil trading flat against the USD from yesterday’s close.
The pair is expected to find support at 56.26, and a fall through could take it to the next support level of 55.77. The pair is expected to find its first resistance at 57.54, and a rise through could take it to the next resistance level of 58.33.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
