Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil declined 0.37% against the USD and closed at 27.24, as worries about weaker oil demand and global crude oil glut, continue to weigh on the commodity’s price.
In the Asian session, at GMT0400, the pair is trading at 27.71, with the oil trading 1.73% higher from yesterday’s close.
Crude prices pared losses, after reports came in that UAE’s Energy Minister, Suhail bin Mohammed al-Mazroue, indicated that the OPEC members were ready to cooperate on a cut.
The pair is expected to find support at 26.59, and a fall through could take it to the next support level of 25.46. The pair is expected to find its first resistance at 28.30, and a rise through could take it to the next resistance level of 28.88.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
