Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.34% against the USD and closed at USD51.47 per barrel, after the US Energy Information Administration (EIA) reported that US crude stockpiles surprisingly dropped by 5.2 million barrels to 499.4 million barrels in the week ended 14 October.
Crude prices edged higher, after Saudi Arabia’s Oil Minister, Khalid al-Falih, indicated that many countries outside the Organization of the Petroleum Exporting Countries (OPEC) are willing to join an output deal to help stabilize the oil market.
In the Asian session, at GMT0300, the pair is trading at 51.41, with the oil trading 0.12% lower from yesterday’s close.
The pair is expected to find support at 50.76, and a fall through could take it to the next support level of 50.12. The pair is expected to find its first resistance at 51.99, and a rise through could take it to the next resistance level of 52.58.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
