Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.79% against the USD and closed at USD49.85 per barrel, after the Organization of the Petroleum Exporting Countries (OPEC) stated that its production rose to the highest level in at least eight years in September.
Additionally, the American Petroleum Institute (API) reported a 2.7 million barrels build in the US crude oil inventory to 501.5 million barrels in the last week.
In the Asian session, at GMT0300, the pair is trading at 49.65, with the oil trading 0.4% lower from yesterday’s close.
The pair is expected to find support at 49.12, and a fall through could take it to the next support level of 48.60. The pair is expected to find its first resistance at 50.67, and a rise through could take it to the next resistance level of 51.70.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
