Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil plunged 151.45% against the USD and closed at -USD8.00 per barrel, amid deepening concerns over falling demand for oil.
In the Asian session, at GMT0300, the pair is trading at 1.17, with oil trading 114.63% lower against the USD from yesterday’s close.
The pair is expected to find support at -31.40, and a fall through could take it to the next support level of -63.96. The pair is expected to find its first resistance at 24.81, and a rise through could take it to the next resistance level of 48.46.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
