Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 4.27% against the USD and closed at USD45.96 per barrel on Friday, amid growing uncertainty about the Organization of the Petroleum Exporting Countries (OPEC) ability to reach an agreement to cut oil production in an upcoming meeting.
Meanwhile, Saudi Arabia stated that it will not attend talks with non-OPEC members to discuss supply cuts.
In the Asian session, at GMT0400, the pair is trading at 46.00, with the oil trading 0.09% higher from Friday’s close.
The pair is expected to find support at 44.85, and a fall through could take it to the next support level of 43.70. The pair is expected to find its first resistance at 47.55, and a rise through could take it to the next resistance level of 49.10.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
