Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.73% against the USD and closed at USD45.08, amid strength in the greenback.
Meanwhile, the Saudi Arabia Energy Minister, Khalid al-Falih, expressed optimism over Organization of the Petroleum Exporting Countries’ (OPEC) ability to reach an output deal later this month.
In the Asian session, at GMT0400, the pair is trading at 45.04, with the oil trading 0.09% lower from yesterday’s close.
The pair is expected to find support at 44.39, and a fall through could take it to the next support level of 43.75. The pair is expected to find its first resistance at 46.13, and a rise through could take it to the next resistance level of 47.23.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
