Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil declined 0.65% against the USD and closed at USD47.45 per barrel, amid concerns that a political rift between Qatar and several Arab states would undermine an OPEC-led push to tighten the oil market.
In the Asian session, at GMT0300, the pair is trading at 47.08, with the Crude Oil trading 0.78% lower from yesterday’s close.
The pair is expected to find support at 46.48, and a fall through could take it to the next support level of 45.89. The pair is expected to find its first resistance at 48.04, and a rise through could take it to the next resistance level of 49.01.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
