Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.6% against the USD and closed at USD45.69 per barrel on Friday, as reports of an increase in OPEC’s crude production in July weighed on investor sentiment.
Separately, Baker Hughes disclosed that US oil rig count fell by 1 to 764 in the week ended 21 July.
In the Asian session, at GMT0300, the pair is trading at 45.85, with the oil trading 0.35% higher against the USD from Friday’s close, ahead of a meeting of several OPEC and non-OPEC members in Russia today to discuss possible output limits for Nigeria and Libya and to review supply cuts.
The pair is expected to find support at 45.19, and a fall through could take it to the next support level of 44.53. The pair is expected to find its first resistance at 46.86, and a rise through could take it to the next resistance level of 47.87.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
