Crude Oil Movement
Crude Oil prices declined 1.69% against the USD for the 24 hour period ending 23:00GMT, closing at 50.00, amid a broad strength in the greenback which continued to hit the dollar-denominated commodity.
Oil prices remained under pressure, owing to concerns that Iran will flood the oil market with its oil which is already over-supplied.
In the Asian session, at GMT0300, the pair is trading at 50.00, with the oil trading flat from yesterday’s close.
The pair is expected to find support at 49.48, and a fall through could take it to the next support level of 48.96. The pair is expected to find its first resistance at 50.89, and a rise through could take it to the next resistance level of 51.78.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
