Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 1.07% against the USD and closed at USD56.56 per barrel, after a weekly government report showed a huge decline in the US inventories of processed fuels. Meanwhile, the Energy Information Administration (EIA) report indicated that US crude oil stockpiles climbed for the eighth consecutive week by 10.3 million barrels to 451.1 million in the week ended 09 November.

In the Asian session, at GMT0400, the pair is trading at 56.84, with oil trading 0.50% higher against the USD from yesterday’s close, amid expected supply cuts from OPEC.

The pair is expected to find support at 55.87, and a fall through could take it to the next support level of 54.89. The pair is expected to find its first resistance at 57.54, and a rise through could take it to the next resistance level of 58.23.

Crude oil is trading above its 20 Hr and 50 Hr moving averages.

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