Crude Oil: Oil trading on a weaker footing in the Asian session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.3% against the USD and closed at USD50.79 per barrel, after two leading Gulf oil exporters, Saudi Arabia and Kuwait, offered a clear signal about extension of OPEC’s crude production deal into the second half of the year to curb supplies.

In the Asian session, at GMT0300, the pair is trading at 50.72, with the oil trading 0.14% lower against the USD from yesterday’s close.

The pair is expected to find support at 50.35, and a fall through could take it to the next support level of 49.99. The pair is expected to find its first resistance at 51.23, and a rise through could take it to the next resistance level of 51.75.

Crude oil is trading below its 20 Hr and 50 Hr moving averages.

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