Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.13% against the USD and closed at USD51.38 per barrel, on expectations that US producers would boost crude output.
However, crude prices paired losses after OPEC, in its monthly report, signalled a drop in the global oil supply surplus this year as its December output fell from a record high.
Additionally, the American Petroleum Institute (API) recorded a draw of 5.0 million barrels in US crude oil stockpiles during the last week.
In the Asian session, at GMT0400, the pair is trading at 51.49, with the oil trading 0.21% higher from yesterday’s close.
The pair is expected to find support at 50.67, and a fall through could take it to the next support level of 49.85. The pair is expected to find its first resistance at 52.55, and a rise through could take it to the next resistance level of 53.61.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
