Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil plunged 5.30% against the USD and closed at USD48.82, as the OPEC and other oil producing nations’ decision to extend output cuts for another nine more months disappointed market participants who had hoped for deeper cuts.
In the Asian session, at GMT0300, the pair is trading at 48.84, with the Crude Oil trading a tad higher against the USD from yesterday’s close.
The pair is expected to find support at 47.52, and a fall through could take it to the next support level of 46.21. The pair is expected to find its first resistance at 51.07, and a rise through could take it to the next resistance level of 53.31.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
