Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil tumbled 3.47% against the USD and closed at USD45.29 per barrel, pressured by growing doubts that internal discord between major oil producers could derail plans to reach an agreement over limiting oil output.
Meanwhile, a report highlighted that differences between Saudi Arabia and Iran and Iraq over the mechanics of implementing output cuts was not resolved.
Separately, the American Petroleum Institute (API) reported that US crude oil inventories recorded a draw of 0.72mn barrels last week.
In the Asian session, at GMT0400, the pair is trading at 45.47, with the oil trading 0.4% higher from yesterday’s close, ahead of a crucial OPEC meeting, scheduled in a few hours.
The pair is expected to find support at 44.56, and a fall through could take it to the next support level of 43.64. The pair is expected to find its first resistance at 46.65, and a rise through could take it to the next resistance level of 47.82.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
