Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.15% against the USD and closed at USD52.50 per barrel, extending its previous session losses.
Meanwhile, Saudi Energy Minister, Khalid al-Falih, stated that the country will adhere strictly to its crude output reduction commitment.
In the Asian session, at GMT0300, the pair is trading at 52.50, with the oil trading flat from yesterday’s close.
The pair is expected to find support at 52.17, and a fall through could take it to the next support level of 51.85. The pair is expected to find its first resistance at 52.78, and a rise through could take it to the next resistance level of 53.05.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
