For the 24 hours to 23:00 GMT, Crude Oil declined 0.11% against the USD and closed at USD47.40 per barrel, reversing its previous session gains.
In the Asian session, at GMT0300, the pair is trading at 47.41, with the oil trading slightly higher against the USD from yesterday’s close.
The pair is expected to find support at 47.16, and a fall through could take it to the next support level of 46.90. The pair is expected to find its first resistance at 47.66, and a rise through could take it to the next resistance level of 47.90.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.