Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.39% against the USD and closed at USD45.70 per barrel, on signs that the market remains bloated with oil oversupply despite an ongoing effort led by OPEC to tighten the market by holding back production.
In the Asian session, at GMT0300, the pair is trading at 45.60, with the oil trading 0.22% lower against the USD from yesterday’s close.
The pair is expected to find support at 45.14, and a fall through could take it to the next support level of 44.68. The pair is expected to find its first resistance at 46.12, and a rise through could take it to the next resistance level of 46.64.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving averages.
