Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.09% against the USD and closed at USD45.37 per barrel, as markets shrugged off the outcome of the US Presidential election.
Separately, the Energy Information Administration (EIA) reported that US crude stockpiles rose more-than-estimated by 2.4 million barrels to 485.1 million barrels during the last week.
In the Asian session, at GMT0400, the pair is trading at 45.15, with the oil trading 0.48% lower from yesterday’s close.
The pair is expected to find support at 43.50, and a fall through could take it to the next support level of 41.84. The pair is expected to find its first resistance at 46.38, and a rise through could take it to the next resistance level of 47.60.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
