Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.24% against the USD and closed at USD49.24 per barrel, pressured by rising doubts regarding OPEC’s plan to curb crude production.
However, crude prices stemmed losses, after the Energy Information Administration (EIA) disclosed that US crude oil inventories unexpectedly declined by 553,000 barrels during the week ended 21 October.
In the Asian session, at GMT0300, the pair is trading at 49.16, with the oil trading 0.16% lower from yesterday’s close.
The pair is expected to find support at 48.65, and a fall through could take it to the next support level of 48.15. The pair is expected to find its first resistance at 49.88, and a rise through could take it to the next resistance level of 50.61.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
