Crude Oil Movement
Crude Oil prices declined 4.78% against the USD for the 24-hour period ending 23:00GMT, closing at 47.60, after Britain’s vote to leave the European Union threatened to cut short a three-month-long recovery in global oil markets.
Separately, Baker Hughes reported that the total US oil rig count fell by 7 to a level of 330 in the week ended June 24, the first decline following three straight weeks of increases.
In the Asian session, at GMT0300, the pair is trading at 47.45, with the oil trading 0.32% lower from Friday’s close.
The pair is expected to find support at 46.39, and a fall through could take it to the next support level of 45.34. The pair is expected to find its first resistance at 48.81, and a rise through could take it to the next resistance level of 50.18.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
