Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 6.82% against the USD and closed at USD53.46 per barrel, amid mounting concerns over global economic outlook and ongoing worries over rising global supplies.
Meanwhile, the American Petroleum Institute (API) reported that US crude oil inventories fell by 1.5 million barrels to 439.2 million barrels in the week ended 16 November.
In the Asian session, at GMT0400, the pair is trading at 54.19, with oil trading 1.37% higher against the USD from yesterday’s close.
The pair is expected to find support at 52.17, and a fall through could take it to the next support level of 50.15. The pair is expected to find its first resistance at 56.81, and a rise through could take it to the next resistance level of 59.43.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
