Crude Oil Movement
Crude Oil prices declined 0.31% against the USD for the 24 hour period ending 23:00GMT, closing at 44.77.
Oil prices found some support, after the Organization of Petroleum Exporting Countries (OPEC) in its monthly oil market report projected that the demand for its crude oil in 2016 would move up to 30.31 million barrels per day, an increase of 190,000 from previous month. Meanwhile, the OPEC slashed its supply forecast for non-OPEC member nations in 2015 by about 72,000 barrels per day, to 880,000 barrels a day.
In the Asian session, at GMT0300, the pair is trading at 44.27, with the oil trading 1.12% lower from yesterday’s close.
The pair is expected to find support at 43.61, and a fall through could take it to the next support level of 42.96. The pair is expected to find its first resistance at 44.89, and a rise through could take it to the next resistance level of 45.52.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
