Crude Oil Movement
Crude Oil prices declined 2.56% against the USD for the 24 hour period ending 23:00GMT, closing at 78.33.
Oil prices fell below $79 a barrel for the first time since June 2012 following news that Saudi Arabia, world’s biggest exporter of oil, decreased its oil export prices to the US, in order to maintain its market share.
In the Asian session, at GMT0400, the pair is trading at 78.38, with the oil trading 0.06% higher from yesterday’s close.
The pair is expected to find support at 77.31, and a fall through could take it to the next support level of 76.24. The pair is expected to find its first resistance at 80.21, and a rise through could take it to the next resistance level of 82.04.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
