Crude Oil Movement
On Friday, Crude Oil prices advanced 1.61% against the USD for the period ending 21:00GMT, closing at 58.83. The OPEC as expected, at its meeting in Vienna, decided to keep its production target unchanged at 30 million barrels of oil per day.
In the Asian session, at GMT0300, the pair is trading at 58.53, with the oil trading 0.51% lower from Friday’s close.
The pair is expected to find support at 57.16, and a fall through could take it to the next support level of 55.79. The pair is expected to find its first resistance at 59.56, and a rise through could take it to the next resistance level of 60.59.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
