Crude Oil Movement
On Friday, Crude Oil prices declined 0.27% against the USD for the period ending 21:00GMT, closing at 76.41.
However, losses were trimmed amid rising speculations that the Iranian Oil Minister, Bijan Namdar Zanganeh would urge the OPEC to slash its oil supply by 1 million barrels per day in its meeting on November 27 at Vienna.
In the Asian session, at GMT0400, the pair is trading at 76.75, with the oil trading 0.44% higher from Friday’s close.
The pair is expected to find support at 75.63, and a fall through could take it to the next support level of 74.52. The pair is expected to find its first resistance at 77.84, and a rise through could take it to the next resistance level of 78.94.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
