Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.74% against the USD and closed at USD53.08 per barrel, amid rising US inventories and on global growth concerns. Adding to the negative sentiment, the Organisation of the Petroleum Exporting Countries (OPEC) reported that oil production rose by 40,000bls a day to 33.08mn bls in November.
In the Asian session, at GMT0400, the pair is trading at 52.32, with oil trading 1.43% lower against the USD from yesterday’s close.
The pair is expected to find support at 51.43, and a fall through could take it to the next support level of 50.53. The pair is expected to find its first resistance at 53.83, and a rise through could take it to the next resistance level of 55.33.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.