Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.71% against the USD and closed at USD53.73 per barrel, after the Energy Information Administration (EIA) disclosed that US crude stockpiles declined 7.1 million barrels to 479.0 million barrels during the week ended 30 December 2016.
Gains in crude prices were boosted further, after news emerged that Saudi Arabia had cut production to meet OPEC’s agreement to reduce crude output.
In the Asian session, at GMT0400, the pair is trading at 53.73, with the oil trading flat from yesterday’s close.
The pair is expected to find support at 52.97, and a fall through could take it to the next support level of 52.22. The pair is expected to find its first resistance at 54.30, and a rise through could take it to the next resistance level of 54.88.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
