Crude Oil Movement
On Friday, Crude Oil prices advanced 4.85% against the USD for the period ending 21:00GMT, closing at 48.39, after the International Energy Agency (IEA) trimmed its non-OPEC supply growth this year by 350,000 barrels a day. However, gains were limited after data revealed that Iraq pumped in a record crude output of 3.35 million barrels a day in December. Furthermore, the nation’s oil minister Abdul Mahdi stated that the country plans to raise its crude exports to 3.3 million barrels a day this year, including sales from the semi-autonomous Kurdish region in the north.
In the Asian session, at GMT0400, the pair is trading at 48.6, with the oil trading 0.43% higher from Friday’s close.
The pair is expected to find support at 47.04, and a fall through could take it to the next support level of 45.48. The pair is expected to find its first resistance at 49.51, and a rise through could take it to the next resistance level of 50.42.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
