Crude Oil Movement
Crude Oil prices declined 0.63% against the USD for the 24-hour period ending 23:00GMT, closing at 37.94, reversing its previous session gains, as expectations that major oil producers would agree to an output freeze faded and investors shifted their focus back to the ongoing global supply glut.
In the Asian session, at GMT0400, the pair is trading at 38.72, with the oil trading 2.06% higher from yesterday’s close.
The pair is expected to find support at 37.71, and a fall through could take it to the next support level of 36.70. The pair is expected to find its first resistance at 39.23, and a rise through could take it to the next resistance level of 39.74.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
