Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.47% against the USD and closed at USD53.81 per barrel, propelled by investors’ optimism about the Organization of the Petroleum Exporting Countries (OPEC) planned production cuts starting from January 2017.
Separately, the Energy Information Administration (EIA) disclosed that US crude stockpiles surprisingly rose 0.6 million barrels to 486.1 million barrels in the week ended 23 December 2016.
In the Asian session, at GMT0400, the pair is trading at 53.90, with the oil trading 0.17% higher from yesterday’s close.
The pair is expected to find support at 53.59, and a fall through could take it to the next support level of 53.28. The pair is expected to find its first resistance at 54.21, and a rise through could take it to the next resistance level of 54.52.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
