Crude Oil Movement
Crude Oil prices advanced 1.97% against the USD for the 24 hour period ending 23:00GMT, closing at 47.59, after the OPEC’s Secretary General, Abdalla El-Badri, stated that oil prices would rebound rather than extending its decline to as low as $20 per barrel. Meanwhile, Iraq, OPEC’s fastest growing supplier mentioned that it would increase its output and exports to compensate for revenues eroded by the price slump.
Gains in oil prices were kept in check, after the American Petroleum Institute (API) reported that the US crude stocks rose 5.7 million barrels last week.
In the Asian session, at GMT0400, the pair is trading at 47.43, with the oil trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 46.58, and a fall through could take it to the next support level of 45.74. The pair is expected to find its first resistance at 48.23, and a rise through could take it to the next resistance level of 49.04.
Crude oil is trading just above its 20 Hr and 50 Hr moving averages.
