Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.91% against the USD and closed at USD50.75 per barrel, amid mounting speculation that OPEC and non-OPEC members would agree to extend its production-cut deal beyond March 2018.
However, gains in crude prices were capped, after the Energy Information Administration (EIA) reported that US crude oil stockpiles climbed more-than-expected by 4.6 million barrels to 472.8 million barrels during the week ended 15 September.
In the Asian session, at GMT0300, the pair is trading at 50.70, with the oil trading 0.1% lower against the USD from yesterday’s close.
The pair is expected to find support at 49.95, and a fall through could take it to the next support level of 49.20. The pair is expected to find its first resistance at 51.28, and a rise through could take it to the next resistance level of 51.86.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
