Crude Oil Movement
Crude Oil prices declined 3.02% against the USD for the 24 hour period ending 23:00GMT, closing at 40.10, after the Organization of the Petroleum Exporting Countries (OPEC) announced that it would maintain its current production level steady at around 31.5 million barrels per day in order to retain market share.
Separately, Baker Hughes weekly rig count report showed that the number of working US oil rigs dropped by 10 to 545 in the week ended 04 December.
In the Asian session, at GMT0400, the pair is trading at 39.51, with the oil trading 1.47% lower from Friday’s close.
The pair is expected to find support at 38.47, and a fall through could take it to the next support level of 37.44. The pair is expected to find its first resistance at 41.27, and a rise through could take it to the next resistance level of 43.04.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
