For the 24 hours to 23:00 GMT, Crude Oil declined 0.51% against the USD and closed at USD46.54 per barrel. However, losses in crude prices were trimmed after comments from few top oil producers suggested that OPEC could possibly extend crude-output cuts beyond this year.
Saudi Arabia’s Energy Minister, Khalid al-Falih, stated that oil producers would “do whatever it takes” to stabilise oil market and talked of extending curbs beyond 2017.
In the Asian session, at GMT0300, the pair is trading at 46.46, with the oil trading 0.17% lower from yesterday’s close.
The pair is expected to find support at 45.83, and a fall through could take it to the next support level of 45.19. The pair is expected to find its first resistance at 48.00, and a rise through could take it to the next resistance level of 47.53.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.