Rising oil inventory in US has added to the selling pressure on oil and pushed it down to a 13-month low. An OPEC meeting in December holds the impending direction of Crude oil as major producers should reach a deal on production cuts. Whether any efforts to do so will be undermined should rely on the outcome of the ongoing US trade war with China, that has weighed on global demand.
Bearish momentum on crude oil has slowed down as it starts to consolidate within a tight band, suggesting an imminent breakout. Considering the bearish trend, Price may test a close resistance level at 52.40 before continuing its course of ranging within the bands while it holds above the psychological support at 50.
Support: 50.86 / 50.00
Resistance: 51.98 / 52.53