Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.08% against the USD and closed at USD57.34 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories unexpectedly fell by 0.5 million barrels for the week ended 08 November 2019. Additionally, the Organization of the Petroleum Exporting Countries (OPEC) indicated that there are no imminent signs of global recession and expects the US shale oil production to be lower-than-expected in 2020.
In the Asian session, at GMT0400, the pair is trading at 57.43, with oil trading 0.16% higher against the USD from yesterday’s close.
The pair is expected to find support at 56.51, and a fall through could take it to the next support level of 55.59. The pair is expected to find its first resistance at 58.04, and a rise through could take it to the next resistance level of 58.65.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
