Crude Oil Movement
Crude Oil prices declined 2.96% against the USD for the 24 hour period ending 23:00GMT, closing at 62.92, after Iraq also followed Saudi Arabia in offering crude oil discounts to its customers in Asia, adding to signs that the OPEC’s biggest members are fighting for their market share.
In the Asian session, at GMT0400, the pair is trading at 62.41, with the oil trading 0.81% lower from yesterday’s close.
The pair is expected to find support at 61.32, and a fall through could take it to the next support level of 60.24. The pair is expected to find its first resistance at 64.41, and a rise through could take it to the next resistance level of 66.42.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
