Crude Oil Movement
Crude Oil prices declined 0.15% against the USD for the 24-hour period ending 23:00GMT, closing at 46.29, reversing its three consecutive session gains, after the Organization of the Petroleum Exporting Countries (OPEC) in its monthly report indicated that the OPEC countries pumped 32.4 million barrels per day in April, the highest level since at least 2008.
In the Asian session, at GMT0300, the pair is trading at 46.91, with the oil trading 1.34% higher from Friday’s close.
The pair is expected to find support at 46.11, and a fall through could take it to the next support level of 45.30. The pair is expected to find its first resistance at 47.36, and a rise through could take it to the next resistance level of 47.80.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
