Crude Oil Movement
Crude Oil prices declined 3.24% against the USD for the 24 hour period ending 23:00GMT, closing at 61.28, after the OPEC cut its forecast for global crude oil demand in 2015 by about 300,000 barrels a day, to 28.9 million a day.
Oil prices further came under pressure after the Energy Information Administration (EIA) reported that the US crude oil inventories unexpectedly gained by 1.5 million barrels to 380.8 million barrels in the week ended December 5, while markets were expecting it to fall by 2.5 million barrels.
In the Asian session, at GMT0400, the pair is trading at 61.48, with the oil trading 0.33% higher from yesterday’s close.
The pair is expected to find support at 60.19, and a fall through could take it to the next support level of 58.9. The pair is expected to find its first resistance at 63.01, and a rise through could take it to the next resistance level of 64.54.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
