Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.7% against the USD and closed at USD45.41 per barrel, after flipping between gains and losses, after the Energy Information Administration (EIA) stated that US crude stockpiles rose more-than-expected by 5.3 million barrels to 490.3 million barrels last week increasing for a third straight week.
However, losses in crude prices were kept in check after the Russian Energy Minister, Alexander Novak, stated that Russia will support the Organization of the Petroleum Exporting Countries’ deal to curb production and saw strong chances that oil producers’ can agree on the terms of agreement in an upcoming meeting.
In the Asian session, at GMT0400, the pair is trading at 45.43, with the oil trading slightly higher from yesterday’s close.
The pair is expected to find support at 44.84, and a fall through could take it to the next support level of 44.24. The pair is expected to find its first resistance at 46.22, and a rise through could take it to the next resistance level of 47.00.
Crude oil is showing convergence with its 20 Hr moving average and trading/ above its 50 Hr moving average.
