Crude Oil Movement
Crude Oil prices declined 2.04% against the USD for the 24 hour period ending 23:00GMT, closing at 49.45, after Nigeria’s Oil Minister, Diezani Alison-Madueke stated that the Organization of Petroleum Exporting Countries (OPEC) could hold an emergency meeting to deal with the current slump in oil prices.
In the Asian session, at GMT0400, the pair is trading at 49.54, with the oil trading 0.18% higher from yesterday’s close.
The pair is expected to find support at 48.48, and a fall through could take it to the next support level of 47.42. The pair is expected to find its first resistance at 50.79, and a rise through could take it to the next resistance level of 52.04.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
