For the 24 hours to 23:00 GMT, Crude Oil declined 2.75% against the USD and closed at USD49.85 per barrel, amid worries about a slowdown in oil demand. However, losses were limited amid reports that the Organisation of the Petroleum Exporting Countries (OPEC) and its allies indicated that they were planning to deepen production cuts.
In the Asian session, at GMT0400, the pair is trading at 50.47, with oil trading 1.24% higher against the USD from yesterday’s close.
The pair is expected to find support at 49.43, and a fall through could take it to the next support level of 48.39. The pair is expected to find its first resistance at 51.74, and a rise through could take it to the next resistance level of 53.01.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
