Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.26% against the USD and closed at USD50.46 per barrel, after Iraq, the second largest producer in the Organization of the Petroleum Exporting Countries (OPEC), showed its unwillingness to participate in a deal to freeze crude production.
In the Asian session, at GMT0300, the pair is trading at 50.41, with the oil trading 0.1% lower from yesterday’s close.
The pair is expected to find support at 49.69, and a fall through could take it to the next support level of 48.98. The pair is expected to find its first resistance at 51.05, and a rise through could take it to the next resistance level of 51.70.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
