Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.04% against the USD and closed at USD68.80 per barrel amid concerns that emerging market crises and trade disputes could lower demand for the commodity. Additionally, the International Energy Agency reported that daily crude-oil output in the OPEC climbed by 420,000bls a day to average 32.63mn a day in August.
In the Asian session, at GMT0300, the pair is trading at 68.83, with oil trading slightly higher against the USD from yesterday’s close.
The pair is expected to find support at 68.12, and a fall through could take it to the next support level of 67.41. The pair is expected to find its first resistance at 69.77, and a rise through could take it to the next resistance level of 70.71.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.