Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.57% against the USD and closed at USD43.25 per barrel on Friday, after the Organization of the Petroleum Exporting Countries (OPEC) reported that its output swelled at the fastest pace in eight years in October, casting doubt on whether OPEC will manage to limit production.
OPEC’s crude output increased by 240,000 barrels a day in October to 33.6 million barrels a day.
Additionally, Baker Hughes disclosed that US oil rig count rose by 2 to a total of 452 during the last week, recording its highest reading since February 2016.
In the Asian session, at GMT0400, the pair is trading at 43.38, with the oil trading 0.3% higher from Friday’s close.
The pair is expected to find support at 42.73, and a fall through could take it to the next support level of 42.08. The pair is expected to find its first resistance at 44.33, and a rise through could take it to the next resistance level of 45.28.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
