Crude Oil Movement
On Friday, Crude Oil prices advanced 0.99% against the USD for the period ending 21:00GMT, closing at 85.33.
On Sunday, the Kuwait oil minister Ali al-Omair stated that the Organization of Petroleum Exporting Countries would refrain from slashing its oil production to boost oil prices as such a move would not really be effective. He further added that the ongoing concerns of oversupply in crude output was solely due to increase in production from Russia and shale oil from the United States.
In the Asian session, at GMT0300, the pair is trading at 84.84, with oil trading 0.57% lower from Friday’s close.
The pair is expected to find support at 83.52, and a fall through could take it to the next support level of 82.2067. The pair is expected to find its first resistance at 86.22, and a rise through could take it to the next resistance level of 87.60.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
