Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.13% against the USD and closed at USD52.09 per barrel, after the Energy Information Administration (EIA) disclosed that US crude stockpiles fell more-than-anticipated by 5.7 million barrels to 456.49 million barrels in the week ended 13 October.
In the Asian session, at GMT0300, the pair is trading at 52.05, with the oil trading 0.08% lower against the USD from yesterday’s close.
The pair is expected to find support at 51.72, and a fall through could take it to the next support level of 51.38. The pair is expected to find its first resistance at 52.36, and a rise through could take it to the next resistance level of 52.66.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
