Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 4.47% against the USD and closed at USD22.89 per barrel, after the Organisation of the Petroleum Exporting Countries and its allies agreed to production cut by 9.7mn bls per day in May and June, representing about 10% of global supply.
In the Asian session, at GMT0300, the pair is trading at 22.53, with oil trading 1.57% lower against the USD from yesterday’s close.
The pair is expected to find support at 21.82, and a fall through could take it to the next support level of 21.11. The pair is expected to find its first resistance at 23.72, and a rise through could take it to the next resistance level of 24.91.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
