Crude Oil Movement
Crude Oil prices declined 2.03% against the USD for the 24 hour period ending 23:00GMT, closing at 36.62, after the Organization of the Petroleum Exporting Countries (OPEC) stated that its oil production reached the fastest pace since 2012 last month.
Yesterday, the OPEC in its latest monthly report indicated that total production rose in November by 0.2 million barrels a day from the previous month, to 31.7 million barrels per day. Further, the group also trimmed supply estimates for non-OPEC countries citing the drop in oil prices is likely to affect them in 2016.
In the Asian session, at GMT0400, the pair is trading at 36.54, with the oil trading 0.22% lower from yesterday’s close.
The pair is expected to find support at 36.10, and a fall through could take it to the next support level of 35.66. The pair is expected to find its first resistance at 37.26, and a rise through could take it to the next resistance level of 37.98.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
