Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil declined 2.27% against the USD and closed at 28.44, on worries about a global supply glut.
Yesterday, the International Energy Agency (IEA) mentioned that oil prices are likely to dip further in 2016 due to unseasonably warm weather and rising supply.
In the Asian session, at GMT0400, the pair is trading at 27.63, with the oil trading 2.85% lower from yesterday’s close.
The pair is expected to find support at 26.72, and a fall through could take it to the next support level of 25.80. The pair is expected to find its first resistance at 29.38, and a rise through could take it to the next resistance level of 31.12.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
