Crude Oil Movement
Crude Oil prices advanced 3.12% against the USD for the 24 hour period ending 23:00GMT, closing at 76.62, amid speculations that the Organization of the Petroleum Exporting Countries (OPEC) would take action at its November 27 meeting in Vienna, to prevent oil prices from sliding further.
In the Asian session, at GMT0400, the pair is trading at 76.33, with the oil trading 0.38% lower from yesterday’s close.
The pair is expected to find support at 74.75, and a fall through could take it to the next support level of 73.17. The pair is expected to find its first resistance at 77.35, and a rise through could take it to the next resistance level of 78.37.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
