Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.52% against the USD and closed at USD53.56 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories surprisingly advanced 4.2 million barrels in the last week.
Meanwhile, Iraqi Oil Minister, Jabbar al-Luaibi, indicated that Iraq will cut crude production by up to 210,000 barrels per day (bpd) from January, while Venezuela committed to trim 95,000 bpd from next month.
In the Asian session, at GMT0400, the pair is trading at 53.85, with the oil trading 0.54% higher from yesterday’s close.
The pair is expected to find support at 53.42, and a fall through could take it to the next support level of 52.98. The pair is expected to find its first resistance at 54.33, and a rise through could take it to the next resistance level of 54.80.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
