Crude Oil Movement
On Friday, Crude Oil prices declined 3.97% against the USD for the period ending 21:00GMT, closing at 66.10, extending its previous session losses, after the OPEC refrained from cutting its production output in its meeting on November 27 at Vienna.
In the Asian session, at GMT0400, the pair is trading at 64.48, with the oil trading 2.45% lower from Friday’s close.
The pair is expected to find support at 62.51, and a fall through could take it to the next support level of 60.54. The pair is expected to find its first resistance at 68.03, and a rise through could take it to the next resistance level of 71.58.
Crude oil is trading below with its 20 Hr and 50 Hr moving averages.
