Crude Oil Movement
On Friday, Crude oil prices declined 2.60% against the USD for the period ending 21:00GMT, closing at 57.71, after the International Energy Agency (IEA) trimmed its demand outlook for the fourth time in five months by 230,000 barrels per day for 2015.
In the Asian session, at GMT0400, the pair is trading at 58.16, with the oil trading 0.78% higher from Friday’s close.
Meanwhile, UAE’s energy minister stated that OPEC may not cut output even if oil prices fall as low as $40 per barrel.
The pair is expected to find support at 56.41, and a fall through could take it to the next support level of 54.67. The pair is expected to find its first resistance at 59.73, and a rise through could take it to the next resistance level of 61.31.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
