For the 24 hours to 23:00 GMT, Crude Oil declined 0.37% against the USD and closed at USD48.25 per barrel, as investors continue to grapple with worries about growing US oil output and high inventories.
Meanwhile, news emerged that the Organization of Petroleum Exporting Countries (OPEC) may pull off another deal to extend the production cuts beyond June 2017, if global crude inventories failed to drop to a targeted level.
In the Asian session, at GMT0400, the pair is trading at 48.35, with the oil trading 0.21% higher against the USD from yesterday’s close.
The pair is expected to find support at 47.88, and a fall through could take it to the next support level of 47.41. The pair is expected to find its first resistance at 48.78, and a rise through could take it to the next resistance level of 49.21.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.