Crude Oil Movement
Crude Oil prices declined 0.15% against the USD for the 24 hour period ending 23:00GMT, closing at 51.95, after Saudi Arabia, world’s biggest oil exporter informed OPEC that it has raised its crude oil production output to 10.564 million barrels per day, notching its highest level on record in June.
Oil prices continued to remain under pressure, on concerns of a growing supply glut in the oil market, as Iran and the Western powers neared a deal.
In the Asian session, at GMT0300, the pair is trading at 51.75, with the oil trading 0.38% lower from yesterday’s close.
The pair is expected to find support at 50.95, and a fall through could take it to the next support level of 50.15. The pair is expected to find its first resistance at 52.86, and a rise through could take it to the next resistance level of 53.97.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
