Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.86% against the USD and closed at USD50.89 per barrel, amid strength in the greenback and after a jump in crude inventories at the biggest US storage hubs renewed concerns about global supply glut.
Additionally, in a report, OPEC stated that its members pumped more oil that initially estimated last month and warned that output cuts must be implemented to avoid the prospect of a growing surplus.
Separately, the Energy Information Administration (EIA) reported a draw of 2.6 million barrels to 483.2 million barrels in the US crude oil inventories last week.
In the Asian session, at GMT0400, the pair is trading at 50.97, with the oil trading 0.16% higher from yesterday’s close.
The pair is expected to find support at 50.17, and a fall through could take it to the next support level of 49.36. The pair is expected to find its first resistance at 52.28, and a rise through could take it to the next resistance level of 53.58.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
