Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.06% against the USD and closed at USD47.03 per barrel, amid speculation that top oil producers would fail to reach an agreement to curb crude output at their next meeting.
In the Asian session, at GMT0300, the pair is trading at 47.09, with the oil trading 0.13% higher from yesterday’s close.
The pair is expected to find support at 46.73, and a fall through could take it to the next support level of 46.37. The pair is expected to find its first resistance at 47.34, and a rise through could take it to the next resistance level of 47.59.
Crude oil is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
