Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 3.16% against the USD and closed at USD46.96 per barrel, after a meeting of key oil producers intensified doubts over their ability to implement the planned production cut.
In the Asian session, at GMT0400, the pair is trading at 46.94, with the oil trading a tad lower from yesterday’s close.
The pair is expected to find support at 46.13, and a fall through could take it to the next support level of 45.33. The pair is expected to find its first resistance at 48.24, and a rise through could take it to the next resistance level of 49.55.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
