Crude Oil Movement
Crude Oil prices declined 0.67% against the USD for the 24-hour period ending 23:00GMT, closing at USD44.73 per barrel, erasing its previous day’s strong gains, as hopes waned that major oil producers will reach an agreement to freeze output and rein in the global supply glut at an upcoming meeting.
In the Asian session, at GMT0300, the pair is trading at 45.15, with the oil trading 0.94% higher from yesterday’s close.
The pair is expected to find support at 44.19, and a fall through could take it to the next support level of 43.22. The pair is expected to find its first resistance at 45.77, and a rise through could take it to the next resistance level of 46.38.
Crude oil is trading above its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
