Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.33% against the USD and closed at USD51.36 per barrel, after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles dropped less-than-expected by 1.2 million barrels to 442.0 million in the week ended 07 December.
In the Asian session, at GMT0400, the pair is trading at 51.39, with oil trading 0.06% higher against the USD from yesterday’s close.
The pair is expected to find support at 50.59, and a fall through could take it to the next support level of 49.80. The pair is expected to find its first resistance at 52.53, and a rise through could take it to the next resistance level of 53.68.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.