Crude Oil Movement
Crude Oil prices declined 4.98% against the USD for the 24 hour period ending 23:00GMT, closing at 46.15, as global oil supply glut continued to weigh on oil prices.
In the Asian session, at GMT0400, the pair is trading at 46.62, with the oil trading 1.02% higher from yesterday’s close.
Meanwhile, the OPEC in its monthly report, indicated that demand for its oil would average 28.8 million barrels a day this year, about 100,000 barrels less than it estimated last month.
The pair is expected to find support at 44.62, and a fall through could take it to the next support level of 42.62. The pair is expected to find its first resistance at 49.94, and a rise through could take it to the next resistance level of 53.26.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
