Crude Oil Movement
Crude Oil prices declined 2.33% against the USD for the 24 hour period ending 23:00GMT, closing at 73.90, after reports indicated that a meeting of four major oil producers failed to agree on production cuts, ahead of the OPEC’s meeting in Vienna, scheduled tomorrow.
Meanwhile, the American Petroleum Institute (API) reported that the US crude stockpiles dropped by 2.8 million barrels last week.
In the Asian session, at GMT0400, the pair is trading at 74.18, with the oil trading 0.38% higher from yesterday’s close.
The pair is expected to find support at 73.02, and a fall through could take it to the next support level of 71.86. The pair is expected to find its first resistance at 75.96, and a rise through could take it to the next resistance level of 77.74.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
