Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 1.72% against the USD and closed at USD46.08 per barrel, amid drop in December crude exports from Saudi Arabia and ahead of output cuts by the Organization of the Petroleum Exporting Countries and its allies.

In the Asian session, at GMT0400, the pair is trading at 45.61, with oil trading 1.02% lower against the USD from yesterday’s close, amid growing fears of an economic slowdown in 2019.

The pair is expected to find support at 44.05, and a fall through could take it to the next support level of 42.48. The pair is expected to find its first resistance at 47.48, and a rise through could take it to the next resistance level of 49.34.

Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.

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