Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.48% against the USD and closed at USD55.54 per barrel.
Separately, the American Petroleum Institute (API) reported that US crude oil inventories fell by 1.7 million barrels in the week ended 24 October 2019.
In the Asian session, at GMT0400, the pair is trading at 55.29, with oil trading 0.45% lower against the USD from yesterday’s close.
The pair is expected to find support at 54.63, and a fall through could take it to the next support level of 53.97. The pair is expected to find its first resistance at 55.93, and a rise through could take it to the next resistance level of 56.57.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
