Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.50% against the USD and closed at USD64.88 per barrel, amid concerns that the OPEC might curb output cuts.
In the Asian session, at GMT0300, the pair is trading at 65.08, with oil trading 0.31% higher against the USD from yesterday’s close.
The pair is expected to find support at 64.42, and a fall through could take it to the next support level of 63.76. The pair is expected to find its first resistance at 65.89, and a rise through could take it to the next resistance level of 66.7.
Crude oil is showing convergence with its 20 Hr and trading below its 50 Hr moving average.
