Crude Oil Movement
On Friday, Crude Oil prices advanced 5.73% against the USD for the period ending 21:00GMT, closing at 58.28, following comments from the Saudi Arabian Oil Minister, Ali Al-Naimi that decline in crude oil prices was temporary. He further added that it would be “difficult, if not impossible” for the oil cartel to cut its production output level amid a supply glut.
In the Asian session, at GMT0400, the pair is trading at 58.07, with the oil trading 0.36% lower from Friday’s close.
On Sunday, Saudi Arabia’s Oil Minister Ali Al-Naimi opined that oil prices would rebound with global economic growth.
The pair is expected to find support at 55.50, and a fall through could take it to the next support level of 52.94. The pair is expected to find its first resistance at 59.52, and a rise through could take it to the next resistance level of 60.98.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
