Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.35% against the USD and closed at 53.82, after official data revealed that oil output from Libya had declined below 300,000 barrels a day, the lowest level since May due to the recent militant attacks on the country’s oil export terminals. However, gains were pared after the American Petroleum Institute indicated a 760,000 barrels rise in its weekly crude oil inventories for last week.
At GMT 04:00, Oil is trading at USD 53.75 per barrel in the Asian session, 0.13% lower from 23:00GMT.
The pair is expected to find support at 52.86, and a fall through could take it to the next support level of 51.97. The pair is expected to find its first resistance at 54.48, and a rise through could take it to the next resistance level of 55.21.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
