Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.13% against the USD and closed at USD53.84 per barrel, amid positive sentiment among investors as OPEC’s production cut deal is set to kick start from 01 January 2017.
Separately, Baker Hughes reported that US oil rig count rose by 13 to 523 last week, rising for the eight straight week.
In the Asian session, at GMT0400, the pair is trading at 53.82, with the oil trading marginally lower from yesterday’s close.
The pair is expected to find support at 53.24, and a fall through could take it to the next support level of 52.66. The pair is expected to find its first resistance at 54.25, and a rise through could take it to the next resistance level of 54.68.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
