Crude Oil Movement
Crude Oil prices advanced 2.96% against the USD for the 24-hour period ending 23:00GMT, closing at 36.50, after the Kuwaiti Governor for the Organization of the Petroleum Exporting Countries (OPEC), Nawal Al-Fuzaia, insisted that an agreement to freeze output will be reached at a meeting scheduled in Doha on 17 April.
Additionally, the American Petroleum Institute (API) reported that US oil inventories fell by 4.3 million barrels last week, compared to investor expectations for a 3.2 million barrel build.
In the Asian session, at GMT0300, the pair is trading at 36.84, with the oil trading 0.93% higher from yesterday’s close.
The pair is expected to find support at 35.75, and a fall through could take it to the next support level of 34.65. The pair is expected to find its first resistance at 37.43, and a rise through could take it to the next resistance level of 38.01.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
