Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.1% against the USD and closed at USD43.25 per barrel. However, crude prices pared losses, after Venezuela stated that a deal to stabilise oil markets is imminent between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members and as military clashes in Libya foiled attempts to restart crude exports from key ports.
In the Asian session, at GMT0300, the pair is trading at 43.13, with the oil trading 0.28% lower against the USD from yesterday’s close.
The pair is expected to find support at 42.68, and a fall through could take it to the next support level of 42.22. The pair is expected to find its first resistance at 43.87, and a rise through could take it to the next resistance level of 44.60.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
