Crude Oil Movement
Crude Oil prices declined 4.42% against the USD for the 24 hour period ending 23:00GMT, closing at 47.62, after the Organization of the Petroleum Exporting Countries (OPEC) announced that its crude output rose to a more-than-three-year-high in September.
The OPEC in its monthly report disclosed that its production reached its highest reported level of 31.6 million barrels per day in September, up by 0.1 million barrels a day from August and above the group’s target of 30.0 million barrels a day.
In the Asian session, at GMT0300, the pair is trading at 47.44, with the oil trading 0.38% lower from yesterday’s close.
The pair is expected to find support at 46.28, and a fall through could take it to the next support level of 45.11. The pair is expected to find its first resistance at 49.37, and a rise through could take it to the next resistance level of 51.29.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
