Crude Oil Movement
Crude Oil prices declined 2.08% against the USD for the 24 hour period ending 23:00GMT, closing at 41.00, reversing its previous session gains, as global supply glut concerns returned to the fore.
Separately, the American Petroleum Institute (API) reported that US crude oil inventories fell by 482K barrels in the week ended 13 November.
In the Asian session, at GMT0400, the pair is trading at 40.95, with the oil trading 0.12% lower from yesterday’s close.
The pair is expected to find support at 40.34, and a fall through could take it to the next support level of 39.74. The pair is expected to find its first resistance at 41.79, and a rise through could take it to the next resistance level of 42.64.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
