Crude Oil: Oil trading lower, ahead of OPEC’s meeting

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.08% against the USD and closed at USD50.71 per barrel, surrendering its previous session gains.

In the Asian session, at GMT0300, the pair is trading at 50.59, with the oil trading 0.24% lower against the USD from yesterday’s close, as investors remained anxious ahead of a meeting of major oil producers in Vienna later in the day.

The pair is expected to find support at 50.17, and a fall through could take it to the next support level of 49.75. The pair is expected to find its first resistance at 50.91, and a rise through could take it to the next resistance level of 51.23.

Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.

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