Crude Oil Movement
Crude Oil prices advanced 0.60% against the USD for the 24 hour period ending 23:00GMT, closing at 45.21, after the OPEC’s Secretary General, Abdalla El-Badri stated that the oil prices would go as high as $200 per barrel, provided producers refrain from investing in new supply operations.
In the Asian session, at GMT0400, the pair is trading at 45.26, with the oil trading 0.11% higher from yesterday’s close.
The pair is expected to find support at 44.51, and a fall through could take it to the next support level of 43.77. The pair is expected to find its first resistance at 46.20, and a rise through could take it to the next resistance level of 47.15.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
