Crude Oil Movement
On Friday, Crude Oil prices declined 1.62% against the USD for the period ending 21:00GMT, closing at 59.47, amid rising speculation that Saudi Arabia, the world’s biggest oil producer would further increase its oil production.
In the Asian session, at GMT0300, the pair is trading at 59.51, with the oil trading 0.07% higher from Friday’s close.
The pair is expected to find support at 58.75, and a fall through could take it to the next support level of 57.99. The pair is expected to find its first resistance at 60.39, and a rise through could take it to the next resistance level of 61.27.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
