Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 2.10% against the USD and closed at USD54.01 per barrel, after tension in Middle East eased, after the US and Turkey signed a cease-fire deal in Syria. Meanwhile, the Energy Information Administration (EIA) report indicated that US crude oil stockpiles rose by 9.3 million barrels to 434.9 million barrels in the week ended 11 October 2019.
In the Asian session, at GMT0300, the pair is trading at 53.81, with oil trading 0.37% lower against the USD from yesterday’s close.
The pair is expected to find support at 52.90, and a fall through could take it to the next support level of 51.99. The pair is expected to find its first resistance at 54.44, and a rise through could take it to the next resistance level of 55.07.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
