Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.77% against the USD and closed at USD44.89 per barrel, after two of the world’s largest oil producers, Iran and Saudi Arabia, downplayed expectations for a deal to freeze crude output in an ongoing meeting.
Separately, the American Petroleum Institute (API) disclosed that US crude oil inventories unexpectedly fell by 0.75 million barrels to 506.4 million barrels during the last week.
In the Asian session, at GMT0300, the pair is trading at 44.61, with the oil trading 0.62% lower from yesterday’s close.
The pair is expected to find support at 43.89, and a fall through could take it to the next support level of 43.17. The pair is expected to find its first resistance at 45.63, and a rise through could take it to the next resistance level of 46.65.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
