Crude Oil Movement
Crude Oil prices declined 3.70% against the USD for the 24 hour period ending 23:00GMT, closing at 52.89, ahead of the meeting between Iran and the Western powers, as an agreement between the two would raise concerns of a global supply glut.
In the Asian session, at GMT0300, the pair is trading at 53.06, with the oil trading 0.32% higher from yesterday’s close.
The pair is expected to find support at 51.92, and a fall through could take it to the next support level of 50.78. The pair is expected to find its first resistance at 54.69, and a rise through could take it to the next resistance level of 56.32.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
