Oil N' Gold - Resources for Serious Traders
Energy and Precious Metals Commentaries
Crude Oil: Oil Trading On A Weaker Footing In The Asian Session Print E-mail
Analysis | Commodity Market Commentaries | Written by GCI Financial | Fri Apr 21 17 01:51 ET

For the 24 hours to 23:00 GMT, Crude Oil rose 0.3% against the USD and closed at USD50.79 per barrel, after two leading Gulf oil exporters, Saudi Arabia and Kuwait, offered a clear signal about extension of OPEC’s crude production deal into the second half of the year to curb supplies.

In the Asian session, at GMT0300, the pair is trading at 50.72, with the oil trading 0.14% lower against the USD from yesterday’s close.

The pair is expected to find support at 50.35, and a fall through could take it to the next support level of 49.99. The pair is expected to find its first resistance at 51.23, and a rise through could take it to the next resistance level of 51.75.

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

GCI Financial

DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

 

Latest Analysis from this Author