Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.41% against the USD and closed at USD53.65 per barrel, propelled by fresh data showing a decline in Saudi Arabian oil exports in December.
Saudi Arabia’s crude oil shipments fell to 8.0 million barrels per day (bpd) in December, from 8.3 million bpd in November.
In the Asian session, at GMT0400, the pair is trading at 53.70, with the oil trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 53.43, and a fall through could take it to the next support level of 53.17. The pair is expected to find its first resistance at 53.92, and a rise through could take it to the next resistance level of 54.15.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
