Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.17% against the USD and closed at USD46.38 per barrel, amid worries over excess supply and outlook for energy demand.
In the Asian session, at GMT0400, the pair is trading at 46.49, with oil trading 0.24% higher against the USD from yesterday’s close.
The pair is expected to find support at 45.63, and a fall through could take it to the next support level of 44.77. The pair is expected to find its first resistance at 47.39, and a rise through could take it to the next resistance level of 48.29.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
