Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.15% against the USD and closed at USD59.08 per barrel, following reports of discussions between the US and China negotiators over a delay in fresh round of tariffs. Meanwhile, the American Petroleum Institute (API) reported that US crude oil inventories rose by 1.4 million barrels to 447 million barrels in the week ended 06 December 2019.
In the Asian session, at GMT0400, the pair is trading at 58.90, with oil trading 0.30% lower against the USD from yesterday’s close.
The pair is expected to find support at 58.44, and a fall through could take it to the next support level of 57.98. The pair is expected to find its first resistance at 59.44, and a rise through could take it to the next resistance level of 59.98.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
