Crude Oil Movement
Crude Oil prices advanced 0.21% against the USD for the 24 hour period ending 23:00GMT, closing at 56.34.
Gains in oil prices were kept in check, after Saudi Arabia’s Oil Minister, Ali al-Naimi stated that the nation’s oil production would stay around 10 million barrels per day (bpd) in April, despite market already having massive global stockpiles.
In the Asian session, at GMT0300, the pair is trading at 56.32, with the oil trading marginally lower from yesterday’s close.
The pair is expected to find support at 55.05, and a fall through could take it to the next support level of 53.79. The pair is expected to find its first resistance at 57.37, and a rise through could take it to the next resistance level of 58.43.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
