Crude Oil Movement
Crude Oil prices advanced 3.09% against the USD for the 24 hour period ending 23:00GMT, closing at 41.35, after news emerged that Saudi Arabia might propose a cut in daily oil supply next year in an attempt to balance global oil markets.
In the Asian session, at GMT0400, the pair is trading at 41.28, with the oil trading 0.17% lower from yesterday’s close.
The pair is expected to find support at 40.31, and a fall through could take it to the next support level of 39.33. The pair is expected to find its first resistance at 42.02, and a rise through could take it to the next resistance level of 42.75.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
