For the 24 hours to 23:00 GMT, Crude Oil rose 0.66% against the USD and closed at USD56.41 per barrel, after the American Petroleum Institute (API) reported that US crude oil inventories fell more-than-expected by 3.7 million barrels in the week ended 29 November 2019 and ahead of the OPEC meeting to discuss extension to production cuts.
In the Asian session, at GMT0400, the pair is trading at 56.53, with oil trading 0.21% higher against the USD from yesterday’s close.
The pair is expected to find support at 55.65, and a fall through could take it to the next support level of 54.78. The pair is expected to find its first resistance at 57.10, and a rise through could take it to the next resistance level of 57.68.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
