Crude Oil Movement
Crude Oil prices declined 0.98% against the USD for the 24-hour period ending 23:00GMT, closing at 43.40, reversing its previous session gains.
Separately, the International Energy Agency (IEA) Chief, Fatih Birol, indicated that 2016 would witness the biggest decline in non-OPEC oil production during the last 25 years, thus helping rebalance a market that has been dogged by oversupply.
Additionally, the OPEC Secretary General, Abdallah Salem el-Badri, stated that talks of freezing oil output could be on the table again at its next June meeting.
In the Asian session, at GMT0300, the pair is trading at 43.75, with the oil trading 0.81% higher from yesterday’s close.
The pair is expected to find support at 43.04, and a fall through could take it to the next support level of 42.32. The pair is expected to find its first resistance at 44.48, and a rise through could take it to the next resistance level of 45.20.
Crude oil is showing convergence with its 20 Hr moving average and is trading 50 Hr moving average.
