Crude Oil Movement
Crude Oil prices declined 2.54% against the USD for the 24-hour period ending 23:00GMT, closing at 44.82, after data showed that crude production by the Organization of the Petroleum Exporting Countries (OPEC) reached an all-time peak of 32.6 million barrels per day in April, reinforcing global supply glut concerns.
In the Asian session, at GMT0300, the pair is trading at 45.1, with the oil trading 0.62% higher from yesterday’s close.
The pair is expected to find support at 44.38, and a fall through could take it to the next support level of 43.65. The pair is expected to find its first resistance at 46.00, and a rise through could take it to the next resistance level of 46.87.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
