Crude Oil Movement
Crude Oil prices declined 3.22% against the USD for the 24-hour period ending 23:00GMT, closing at 35.45, as investors doubted over prospects of an output freeze by the world’s top oil producers to rein in the global supply glut.
In the Asian session, at GMT0300, the pair is trading at 35.48, with the oil trading 0.08% higher from yesterday’s close.
The pair is expected to find support at 34.76, and a fall through could take it to the next support level of 34.05. The pair is expected to find its first resistance at 36.70, and a rise through could take it to the next resistance level of 37.93.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
