Crude Oil Movement
Crude Oil prices declined 2.96% against the USD for the 24-hour period ending 23:00GMT, closing at 37.35, reversing its previous session gains, after Iran showed little interest in a coordinated production freeze. Oil prices remained under pressure, after the Organization of Petroleum Exporting Countries (OPEC) in its monthly report warned that oil surplus will grow further in 2016.
In the Asian session, at GMT0400, the pair is trading at 36.9, with the oil trading 1.2% lower from yesterday’s close.
The pair is expected to find support at 36.24, and a fall through could take it to the next support level of 35.57. The pair is expected to find its first resistance at 38.01, and a rise through could take it to the next resistance level of 39.11.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
