Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil jumped 5.01% against the USD and closed at USD47.14 per barrel, after the Organization of the Petroleum Exporting Countries (OPEC) reached an agreement to limit crude production at its policy meeting in November, its first agreement to cut production to reduce the global supply glut since the market crashed two years ago on oversupply.
Additionally, the Energy Information Administration reported that US crude stockpiles surprisingly fell by 1.9 million barrels to 502.7 million barrels during the week ended 23 September 2016.
In the Asian session, at GMT0300, the pair is trading at 47.09, with the oil trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 45.14, and a fall through could take it to the next support level of 43.18. The pair is expected to find its first resistance at 48.26, and a rise through could take it to the next resistance level of 49.42.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
