Crude Oil Movement
Crude Oil prices declined 2.06% against the USD for the 24 hour period ending 23:00GMT, closing at 47.05, owning to continued concerns of a global supply glut.
In the Asian session, at GMT0300, the pair is trading at 47.12, with the oil trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 46.62, and a fall through could take it to the next support level of 46.12. The pair is expected to find its first resistance at 47.91, and a rise through could take it to the next resistance level of 48.70.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
