Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.84% against the USD and closed at USD56.86 per barrel, after the Energy Information Administration (EIA) report indicated that the US crude oil stockpiles rose by 2.2 million barrels to 449.0 million in the week ended 08 November 2019.
In the Asian session, at GMT0400, the pair is trading at 57.04, with oil trading 0.32% higher against the USD from yesterday’s close, after the Organisation of the Petroleum Exporting Countries’ (OPEC) outlook for oil demand raised hopes that the group and its allies will maintain supply curbs in their next meeting..
The pair is expected to find support at 56.52, and a fall through could take it to the next support level of 55.99. The pair is expected to find its first resistance at 57.68, and a rise through could take it to the next resistance level of 58.31.
Crude oil is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
