Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.31% against the USD and closed at USD58.06 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles rose by 1.6 million barrels to 452.0 million in the week ended 22 November 2019. Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs fell by 3 to 668 in the week ended 27 November 2019, marking its lowest level since April 2017.
In the Asian session, at GMT0400, the pair is trading at 57.90, with oil trading 0.28% lower against the USD from yesterday’s close.
The pair is expected to find support at 57.38, and a fall through could take it to the next support level of 56.86. The pair is expected to find its first resistance at 58.55, and a rise through could take it to the next resistance level of 59.20.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
