Crude Oil Movement
Crude Oil prices declined 1.64% against the USD for the 24 hour period ending 23:00GMT, closing at 44.51.
Meanwhile, Russia, one of the world’s top three oil producers agreed to hold discussions with OPEC and non-OPEC oil producers regrading the continuous global supply glut
In the Asian session, at GMT0300, the pair is trading at 46.25, with the oil trading 3.91% higher from yesterday’s close.
The pair is expected to find support at 45.59, and a fall through could take it to the next support level of 44.92. The pair is expected to find its first resistance at 46.93, and a rise through could take it to the next resistance level of 47.60.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
