Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.50% against the USD and closed at USD54.00 per barrel, as disappointing US manufacturing data and following Ecuador’s decision to exit from the Organization of the Petroleum Exporting Countries (OPEC) on 1 January 2020.
Separately, the American Petroleum Institute (API) reported that US crude oil inventories fell by 5.9 million barrels in the week ended 27 September 2019.
In the Asian session, at GMT0300, the pair is trading at 54.18, with oil trading 0.33% higher against the USD from yesterday’s close.
The pair is expected to find support at 53.21, and a fall through could take it to the next support level of 52.23. The pair is expected to find its first resistance at 54.99, and a rise through could take it to the next resistance level of 55.81.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
