Tue, Dec 01, 2020 @ 07:46 GMT
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Crude Oil: Oil Trading Lower, Ahead Of API’s Weekly Crude Oil Inventories Data

For the 24 hours to 23:00 GMT, Crude Oil rose 1.02% against the USD and closed at USD42.74 per barrel, as the Organisation of the Petroleum Exporting Countries (OPEC) and its allies complied with production cuts in last month.

In the Asian session, at GMT0300, the pair is trading at 42.64, with oil trading 0.23% lower against the USD from yesterday’s close.

The pair is expected to find support at 41.97, and a fall through could take it to the next support level of 41.30. The pair is expected to find its first resistance at 43.14, and a rise through could take it to the next resistance level of 43.64.

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

 

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