Crude Oil Movement
Crude Oil prices declined 0.22% against the USD for the 24 hour period ending 23:00GMT, closing at 41.72, amid persistent global supply glut concerns after a Reuters’ survey estimated higher OPEC output in November.
In the Asian session, at GMT0400, the pair is trading at 41.92, with the oil trading 0.48% higher from yesterday’s close.
The pair is expected to find support at 41.41, and a fall through could take it to the next support level of 40.90. The pair is expected to find its first resistance at 42.52, and a rise through could take it to the next resistance level of 43.12.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
