Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.33% against the USD and closed at USD51.89 per ounce, after oscillating between gains and losses.
Meanwhile, the Organisation of the Petroleum Exporting Countries (OPEC) stated that its members and other major oil exporters have achieved record high compliance with the current output agreement in September.
In the Asian session, at GMT0300, the pair is trading at 51.95, with the oil trading 0.12% higher against the USD from yesterday’s close, following news that oil exports from southern Iraq have fallen by 110,000 barrels per day this month.
The pair is expected to find support at 51.65, and a fall through could take it to the next support level of 51.36. The pair is expected to find its first resistance at 52.27, and a rise through could take it to the next resistance level of 52.60.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
