Crude Oil Movement
Crude Oil prices declined 3.45% against the USD for the 24 hour period ending 23:00GMT, closing at 41.92.
In the Asian session, at GMT0300, the pair is trading at 42.01, with crude oil prices trading 0.21% higher from yesterday’s close.
Going ahead, investors look forward to data on Baker Hughes’ data on number of rigs drilling for oil in the US, to gauge the supply potential in the near future.
The pair is expected to find support at 41, and a fall through could take it to the next support level of 39.99. The pair is expected to find its first resistance at 43.37, and a rise through could take it to the next resistance level of 44.73.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
