Crude Oil Movement
Crude Oil prices declined 3.26% against the USD for the 24 hour period ending 23:00GMT, closing at 43.34 following OPEC’s statement that its members continued to increase its supplies. Additionally, OPEC also raised its projection of non-member countries’ oil supplies in 2015. Meanwhile, the American Petroleum Institute (API) disclosed a 847,000 barrels drop in US stockpiles past week.
In the Asian session, at GMT0300, the pair is trading at 43.01, with the crude oil prices trading 0.76% lower from yesterday’s close.
The pair is expected to find support at 42.02, and a fall through could take it to the next support level of 41.03. The pair is expected to find its first resistance at 44.67, and a rise through could take it to the next resistance level of 46.33.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
