Crude Oil Movement
Crude Oil prices declined 2.37% against the USD for the 24 hour period ending 23:00GMT, closing at 59.00, amid worries of supply glut, after Iran’s Oil Minister, Bijan Zanganeh, stated that the nation could lift its oil production to over 4 million barrels per day in less than a year if its sanctions are lifted.
In the Asian session, at GMT0300, the pair is trading at 58.85, with the oil trading 0.25% lower from yesterday’s close.
The pair is expected to find support at 57.79, and a fall through could take it to the next support level of 56.73. The pair is expected to find its first resistance at 60.61, and a rise through could take it to the next resistance level of 62.37.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
