Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil declined 2.88% against the USD and closed at 31.66, reversing its previous session gains. However, crude prices were volatile in yesterday’s session amid speculation about possible talks between the Organization of the Petroleum Exporting Countries (OPEC) and non OPEC members to address the global supply glut.
In the Asian session, at GMT0400, the pair is trading at 31.92, with the oil trading 0.82% higher from yesterday’s close.
The pair is expected to find support at 31.03, and a fall through could take it to the next support level of 30.13. The pair is expected to find its first resistance at 33.21, and a rise through could take it to the next resistance level of 34.49.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
