Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.39% against the USD and closed at USD58.86 per barrel.
Meanwhile, Organisation of the Petroleum Exporting Countries (OPEC) declared its decision to extend production cuts by nine months through March 2020 and completely support an agreement to validate its alliance with non-OPEC producers.
In the Asian session, at GMT0300, the pair is trading at 58.83, with oil trading 0.05% lower against the USD from yesterday’s close.
The pair is expected to find support at 58.02, and a fall through could take it to the next support level of 57.21. The pair is expected to find its first resistance at 59.96, and a rise through could take it to the next resistance level of 61.09.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
