Crude Oil Movement
Crude Oil prices declined 3.24% against the USD for the 24 hour period ending 23:00GMT, closing at 55.54, after Saudi Arabia’s Oil Minister, Ali al-Naimi stated that the OPEC would not slash its production output even if oil prices went beyond $20 per barrel.
In the Asian session, at GMT0400, the pair is trading at 55.95, with the oil trading 0.74% higher from yesterday’s close.
The pair is expected to find support at 54.54, and a fall through could take it to the next support level of 53.13. The pair is expected to find its first resistance at 57.94, and a rise through could take it to the next resistance level of 59.93.
Crude oil is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
