Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.32% against the USD and closed at USD49.89 per barrel, after the Energy Information Administration (EIA) reported that US crude exports surged to a record 2.0 million barrels per day last week.
However, losses in crude prices were limited, after the EIA indicated that US crude oil stockpiles fell by 6.0 million barrels to 465.0 million barrels during the week ended 29 September.
Meanwhile, the Russian President, Vladimir Putin, stated that the deal to freeze crude production between the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC members could be extended to the end of 2018.
In the Asian session, at GMT0300, the pair is trading at 49.96, with the oil trading 0.14% higher against the USD from yesterday’s close.
The pair is expected to find support at 49.59, and a fall through could take it to the next support level of 49.22. The pair is expected to find its first resistance at 50.5, and a rise through could take it to the next resistance level of 51.04.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
