Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.33% against the USD and closed at USD61.43 per barrel, following comments by United Arab Emirates (UAE) Energy Minister.
UAE’s Energy Minister, Suhail al-Mazroui, stated that Saudi Arabia and Russia plan to draft an agreement on a long-term alliance by the end of 2018. Meanwhile, the Organisation of the Petroleum Exporting Countries (OPEC) and other producers including Russia have agreed to cut output by 1.8 million barrels per day through the end of 2018.
In the Asian session, at GMT0400, the pair is trading at 61.72, with oil trading 0.47% higher against the USD from yesterday’s close, as continuing weakness in the greenback boosted demand for the dollar denominated commodity.
The pair is expected to find support at 60.35, and a fall through could take it to the next support level of 58.99. The pair is expected to find its first resistance at 62.45, and a rise through could take it to the next resistance level of 63.19.
Crude oil is trading above its 20 Hr and 50 Hr moving average.
