Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.48% against the USD and closed at USD52.24 per barrel, amid OPEC supply cuts after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles declined 2.7 million barrels to 437.0 million in the week ended 11 January 2019.
In the Asian session, at GMT0400, the pair is trading at 52.02, with oil trading 0.42% lower against the USD from yesterday’s close, as the US crude stockpiles grew more than expected.
The pair is expected to find support at 51.35, and a fall through could take it to the next support level of 50.67. The pair is expected to find its first resistance at 52.61, and a rise through could take it to the next resistance level of 53.19.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
