Crude Oil Movement
Crude Oil prices declined 1.72% against the USD for the 24 hour period ending 23:00GMT, closing at 74.28, amid rising speculations that the Organization of Petroleum exporting Countries (OPEC’s) largest producers, Saudi Arabia and Kuwait were unwilling to slash its production levels ahead of the cartels meeting on November 27 in Vienna.
Oil prices further came under pressure, after the American Petroleum Institute (API) showed that the US crude oil inventories increased by 3.7 million barrels in the week ended November 14.
In the Asian session, at GMT0400, the pair is trading at 74.30, with the oil trading marginally higher from yesterday’s close.
The pair is expected to find support at 73.46, and a fall through could take it to the next support level of 72.63. The pair is expected to find its first resistance at 75.78, and a rise through could take it to the next resistance level of 77.27.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
