Crude Oil Movement
Crude Oil prices declined 6.35% against the USD for the 24 hour period ending 23:00GMT, closing at 68.83, marking its lowest level in 4 years, after the OPEC, in its meeting in Vienna, opted to keep its collective production output unchanged at 30 million barrels per day, amid a global oil-supply glut.
In the Asian session, at GMT0400, the pair is trading at 68.91, with the oil trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 66.72, and a fall through could take it to the next support level of 64.54. The pair is expected to find its first resistance at 72.11, and a rise through could take it to the next resistance level of 75.32.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
