Crude Oil Movement
Oil prices declined 2.75% against the USD, on Friday, for the 24 hour period ending 23:00GMT, closing at 98.93, as a Saudi newspaper reported that Saudi oil officials had decided to increase production to 10 million barrels a day in July, after the collapse of OPEC talks two days ago.
At GMT 0300, Oil is trading at USD 99.02 per barrel in the Asian session, 0.09% higher from Friday’s close at 23:00GMT.
The pair has its first resistance at 101.26, followed by the next resistance at 103.49. On the other side, the first support is at 97.69, with the subsequent support at 96.35.
The pair is trading just below its 20 Hr and its 50 Hr moving averages.
