Crude Oil Movement
On Friday, Crude Oil prices advanced 6.04% against the USD for the period ending 21:00GMT, closing at 46.37, despite global stockpiles rising continuously.
In the Asian session, at GMT0400, the pair is trading at 46.03, with the oil trading 0.73% lower from Friday’s close.
Over the weekend, Saudi oil minister Ali al-Naimi stated that OPEC alone would not take “responsibility for propping up the oil price”, thereby hinting that the world’s top petroleum exporter was keen to take efforts in order to avoid further slump in oil prices. He further added that the cartel wanted to gain support from non-OPEC producers, however it has failed to receive any kind of co-operation from them.
The pair is expected to find support at 44.12, and a fall through could take it to the next support level of 42.21. The pair is expected to find its first resistance at 47.68, and a rise through could take it to the next resistance level of 49.33.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
