Crude Oil Movement
Crude Oil prices declined 1.93% against the USD for the 24 hour period ending 23:00GMT, closing at 43.73, amid a broad strength in the greenback and after a minister from the OPEC stated that the cartel had no option but to maintain its production levels because it did not want to lose its market share to non-OPEC producers.
In the Asian session, at GMT0400, the pair is trading at 43.90, with the oil trading 0.39% higher from yesterday’s close.
The pair is expected to find support at 43.06, and a fall through could take it to the next support level of 42.23. The pair is expected to find its first resistance at 44.41, and a rise through could take it to the next resistance level of 44.93.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
