Crude Oil Movement
Crude Oil prices declined 2.97% against the USD for the 24 hour period ending 23:00GMT, closing at 57.90, amid expectations that OPEC will refrain from announcing a cut in its production output, at its meeting in Vienna scheduled today.
In the Asian session, at GMT0300, the pair is trading at 58.03, with the oil trading 0.22% higher from yesterday’s close.
The pair is expected to find support at 57.26, and a fall through could take it to the next support level of 56.49. The pair is expected to find its first resistance at 59.37, and a rise through could take it to the next resistance level of 60.71.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
