Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.49% against the USD and closed at USD46.41 per barrel, after leading OPEC producer, Saudi Arabia, vowed to limit crude exports next month, in a bid reduce the global crude glut.
Saudi’s Energy Minister, Khalid al-Falih, stated that Saudi Arabia would limit crude oil exports at 6.6 million barrels per day (bpd) in August.
Additionally, OPEC stated that Nigeria agreed to join the deal by capping or even cutting its output from 1.8 million bpd, once it stabilizes at that level from 1.7 million bpd recently.
In the Asian session, at GMT0300, the pair is trading at 46.64, with the oil trading 0.5% higher against the USD from yesterday’s close.
The pair is expected to find support at 45.79, and a fall through could take it to the next support level of 44.95. The pair is expected to find its first resistance at 47.09, and a rise through could take it to the next resistance level of 47.55.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
