Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.52% against the USD and closed at USD54.23 per barrel, after the Organization of the Petroleum Exporting Countries (OPEC) an its allies decided to consider deeper production cuts in the December meeting. Meanwhile, the American Petroleum Institute (API) reported that US crude oil inventories rose by 4.5 million barrels in the week ended 18 October 2019.
In the Asian session, at GMT0300, the pair is trading at 54.06, with oil trading 0.31% lower against the USD from yesterday’s close.
The pair is expected to find support at 53.26, and a fall through could take it to the next support level of 52.45. The pair is expected to find its first resistance at 54.84, and a rise through could take it to the next resistance level of 55.61.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
