Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 4.4% against the USD and closed at 29.11, after Russia and Saudi Arabia dashed expectations for a cut in production, as both agreed to freeze output only if other big exporters joined them.
In the Asian session, at GMT0400, the pair is trading at 29.21, with the oil trading 0.34% higher from yesterday’s close.
The pair is expected to find support at 28.10, and a fall through could take it to the next support level of 26.98. The pair is expected to find its first resistance at 30.93, and a rise through could take it to the next resistance level of 32.64.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
