Crude Oil Movement
Crude Oil prices declined 1.82% against the USD for the 24 hour period ending 23:00GMT, closing at 77.22, amid rising speculations that the Organization of Petroleum Exporting Countries (OPEC) would not decrease its production output in its meeting, scheduled in Vienna on November 27.
In the Asian session, at GMT0400, the pair is trading at 77.0, with the oil trading 0.28% lower from yesterday’s close.
The pair is expected to find support at 75.95, and a fall through could take it to the next support level of 74.91. The pair is expected to find its first resistance at 78.94, and a rise through could take it to the next resistance level of 80.89.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
