Crude Oil Movement
Crude Oil prices declined 1.36% against the USD for the 24 hour period ending 23:00GMT, closing at 77.87, after the Organization of Petroleum Exporting Countries (OPEC) slashed the demand forecast for its oil in its annual world outlook, dropping 28.2 million barrels a day in 2017.
In the Asian session, at GMT0400, the pair is trading at 77.66, with the oil trading 0.27% lower from yesterday’s close.
The pair is expected to find support at 76.87, and a fall through could take it to the next support level of 76.09. The pair is expected to find its first resistance at 78.68, and a rise through could take it to the next resistance level of 79.71.
