Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.28% against the USD and closed at USD47.73 per barrel.
However, losses in crude prices were limited, following hopes of potential crude output disruptions in US after a tropical storm, Harvey, was heading towards a major hub of the country’s oil industry.
In the Asian session, at GMT0300, the pair is trading at 47.74, with the oil trading marginally higher against the USD from yesterday’s close.
The pair is expected to find support at 47.06, and a fall through could take it to the next support level of 46.37. The pair is expected to find its first resistance at 48.43, and a rise through could take it to the next resistance level of 49.11.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
