Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.05% against the USD and closed at USD58.33 per barrel, after the Organization of the Petroleum Exporting Countries and their allies agreed to curb oil output by additional 0.5 million barrels a day in the first quarter of 2020 but failed to provide further course of action after March 2020.

In the Asian session, at GMT0400, the pair is trading at 58.21, with oil trading 0.21% lower against the USD from yesterday’s close.

The pair is expected to find support at 57.83, and a fall through could take it to the next support level of 57.46. The pair is expected to find its first resistance at 58.85, and a rise through could take it to the next resistance level of 59.50.

Crude oil is trading between its 20 Hr and 50 Hr moving averages.

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