For the 24 hours to 23:00 GMT, Crude Oil declined 0.41% against the USD and closed at USD49.07 per barrel, on news of a rise in exports from key OPEC producers added to concerns over the global supply glut.
Meanwhile, losses in crude prices were capped, on reports of lower crude supplies from Saudi Arabia in September. Additionally, the American Petroleum Institute (API) disclosed that US crude oil inventories declined by 7.8 million barrels to 478.4 million in the week ended 04 August.
In the Asian session, at GMT0300, the pair is trading at 49.02, with the oil trading 0.1% lower against the USD from yesterday’s close.
The pair is expected to find support at 48.66, and a fall through could take it to the next support level of 48.29. The pair is expected to find its first resistance at 49.59, and a rise through could take it to the next resistance level of 50.15.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.