Crude Oil Movement
Crude Oil prices advanced 0.64% against the USD for the 24 hour period ending 23:00GMT, closing at 48.66, slightly rebounding from its earlier session losses.
In the Asian session, at GMT0300, the pair is trading at 48.07, with the oil trading 1.21% lower from yesterday’s close. Traders await American Petroleum Institute’s weekly oil inventory data.
The pair is expected to find support at 47.40, and a fall through could take it to the next support level of 46.73. The pair is expected to find its first resistance at 48.95, and a rise through could take it to the next resistance level of 49.83.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
