Crude Oil Movement
On Friday, Crude Oil prices declined 1.27% against the USD for the period ending 21:00GMT, closing at 48.31, as global supply glut continued to weigh on the commodity’s prices.
Meanwhile, a leading broker projected oil prices to trade around $40 per barrel in the first half of 2015, in order to reduce shale investments as it feels that the OPEC would not slash its output to balance the market.
In the Asian session, at GMT0400, the pair is trading at 47.67, with the oil trading 1.32% lower from Friday’s close.
The pair is expected to find support at 46.76, and a fall through could take it to the next support level of 45.85. The pair is expected to find its first resistance at 48.97, and a rise through could take it to the next resistance level of 50.27.
The commodity is trading below its 20 Hr and 50 Hr moving averages.
