Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 5.06% against the USD and closed at 43.60, after the International Energy Agency (IEA) forecasted that crude markets would tighten in the second half of this year.
The IEA, in its monthly report, projected that world’s crude production will ease by almost one million barrels a day from July through September.
Oil prices were also boosted by the comments from the Saudi Arabia’s Energy Minister about the possible action to stabilize oil market.
In the Asian session, at GMT0300, the pair is trading at 43.74, with the oil trading 0.32% higher from yesterday’s close.
The pair is expected to find support at 41.94, and a fall through could take it to the next support level of 40.14. The pair is expected to find its first resistance at 44.70, and a rise through could take it to the next resistance level of 45.66.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
