Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 3.18% against the USD and closed at USD54.27 per barrel, after Saudi Aramco restored to its full oil output capacity lost in September.
In the Asian session, at GMT0300, the pair is trading at 54.55, with oil trading 0.52% higher against the USD from yesterday’s close, as the Organisation of the Petroleum Exporting Countries’ production fell by 750,000 bpd to 28.9 million bpd in September, marking its lowest level in eight years.
The pair is expected to find support at 53.64, and a fall through could take it to the next support level of 52.73. The pair is expected to find its first resistance at 55.80, and a rise through could take it to the next resistance level of 57.05.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
