Crude Oil Movement
Crude Oil prices declined 1.34% against the USD for the 24 hour period ending 23:00GMT, closing at 75.66, ahead of the Organization of the Petroleum Exporting Countries (OPEC’s) key meeting, scheduled on November 30 at Vienna, where a decision is expected on whether members would agree to cut production output in order to support falling oil prices.
In the Asian session, at GMT0400, the pair is trading at 75.75, with the oil trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 75.12, and a fall through could take it to the next support level of 74.50. The pair is expected to find its first resistance at 76.69, and a rise through could take it to the next resistance level of 77.64.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
