Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil rose 0.83% against the USD and closed at USD44.91 per barrel, after an earthquake at the Cushing, Oklahoma storage hub raised worries about crude supplies. Additionally, higher expectations for Clinton’s win in the US Presidential election also fuelled gains in crude prices.
In the Asian session, at GMT0400, the pair is trading at 44.84, with the oil trading 0.16% lower from yesterday’s close.
The pair is expected to find support at 44.30, and a fall through could take it to the next support level of 43.75. The pair is expected to find its first resistance at 45.20, and a rise through could take it to the next resistance level of 45.55.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
