Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil rose 0.21% against the USD and closed at USD51.55.
Meanwhile, the Energy Information Administration (EIA) announced that US crude oil inventories declined by 4.43 million barrels in the week ended 19 May, compared to expectations for a 2.4 million barrels drop.
In the Asian session, at GMT0300, the pair is trading at 51.77, with the Crude Oil trading 0.43% higher against the USD from yesterday’s close, with all eyes on OPEC meeting in Vienna, where producers are widely expected to extend an oil output cut deal by another nine months.
The pair is expected to find support at 51.2233, and a fall through could take it to the next support level of 50.6767. The pair is expected to find its first resistance at 52.1233, and a rise through could take it to the next resistance level of 52.4767.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
