Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 2.82% against the USD and closed at USD52.81 per barrel, amid news reports that Saudi Arabia is planning to reduce shipments to the US refiners to avoid an expansion of the US crude stockpiles. Meanwhile, the International Energy Agency indicated that crude output in the Organisation of the Petroleum Exporting Countries rose by 100,000 barrels per day in November.
In the Asian session, at GMT0400, the pair is trading at 52.47, with oil trading 0.64% lower against the USD from yesterday’s close.
The pair is expected to find support at 50.79, and a fall through could take it to the next support level of 49.11. The pair is expected to find its first resistance at 53.71, and a rise through could take it to the next resistance level of 54.95.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.