Crude Oil Movement
On Friday, Crude Oil prices declined 1.66% against the USD for the period ending 21:00GMT, closing at 91.97.
On Friday, the Organization of Petroleum Exporting Countries (OPEC) kept its production target unchanged at the group’s 30 million barrels per day (bpd) output target through the rest of the year
Separately, Russia, the world’s biggest oil producer, increased its monthly crude output by 0.3% in May.
In the Asian session, at GMT0300, Crude Oil is trading at 91.78, 0.21% lower from Friday’s close.
Crude oil is expected to find support at 90.74, and a fall through could take it to the next support level of 89.71. Crude oil is expected to find its first resistance at 93.33, and a rise through could take it to the next resistance level of 94.89.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
