Crude Oil Movement
Crude Oil prices advanced 0.40% against the USD for the 24 hour period ending 23:00GMT, closing at 77.53.
Yesterday, the United Arab Emirates’ Energy Minister Suhail Al Mazrouei stated that the continuous decline in prices of oil may discourage investment in exploration and production projects predicated on $100 crude. He further added that the OPEC countries should not be blamed for the oversupply of oil stockpiles in global markets. Meanwhile, another report from the International Energy Agency revealed that China would overtake the U.S. as the world’s biggest oil consumer within two decades.
In the Asian session, at GMT0400, the pair is trading at 77.43, with the oil trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 76.55, and a fall through could take it to the next support level of 75.67. The pair is expected to find its first resistance at 78.17, and a rise through could take it to the next resistance level of 78.91.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
