Crude Oil Movement
On Friday, Crude Oil prices declined 2.07% against the USD for the period ending 20:00GMT, closing at 40.24, amid Chinese concerns. Meanwhile, Baker Hughes reported that oil rigs in the US rose by 2 to 674 for the week ended on 14 August, its fifth week of weekly builds.
In the Asian session, at GMT0300, the pair is trading at 39.43, with crude oil prices trading 2.01% lower from Friday’s close.
On Sunday, Iran’s Oil Minister, Bijan Zanganeh, stated that an emergency OPEC meeting to discuss the drop in oil prices would be “effective” in stabilizing the oil price.
The pair is expected to find support at 38.74, and a fall through could take it to the next support level of 38.05. The pair is expected to find its first resistance at 40.76, and a rise through could take it to the next resistance level of 42.09.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
