Crude Oil Movement
Crude Oil prices declined 0.83% against the USD for the 24 hour period ending 23:00GMT, closing at 76.89, despite the Organization of Petroleum Exporting Countries (OPEC) in its monthly report showing that its combined production output eased by 226,400 barrels a day in October to a total of 30.25 million barrels.
Meanwhile, oil prices failed to gain support, after the American Petroleum Institute (API) reported a 1.5 million barrels decline in the US crude oil inventories in the previous week.
In the Asian session, at GMT0400, the pair is trading at 77.01, with the oil trading 0.16% higher from yesterday’s close.
The pair is expected to find support at 76.4, and a fall through could take it to the next support level of 75.79. The pair is expected to find its first resistance at 77.85, and a rise through could take it to the next resistance level of 78.69.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
