Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.07% against the USD and closed at USD57.34 per barrel.
However, losses in crude prices were limited, after the Organisation of the Petroleum Exporting Countries (OPEC) and other major producers including Russia agreed to continue crude production curbs for a further nine-months in order to end the persistent glut in global supplies.
In the Asian session, at GMT0400, the pair is trading at 57.60, with oil trading 0.45% higher against the USD from yesterday’s close.
The pair is expected to find support at 56.95, and a fall through could take it to the next support level of 56.31. The pair is expected to find its first resistance at 58.11, and a rise through could take it to the next resistance level of 58.63.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
