Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.85% against the USD and closed at USD48.08 per barrel, on worries that Iran and Iraq were not ready to agree on an OPEC output freeze deal. Separately, the American Petroleum Institute (API) disclosed that US crude oil inventories fell by 1.3 million barrels to 487.5 million in the week ended 18 November.
In the Asian session, at GMT0400, the pair is trading at 47.99, with the oil trading 0.19% lower from yesterday’s close.
The pair is expected to find support at 47.04, and a fall through could take it to the next support level of 46.09. The pair is expected to find its first resistance at 49.07, and a rise through could take it to the next resistance level of 50.15.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
