Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.43% against the USD and closed at USD44.33 per barrel, amid persistent concerns over global supply glut.
In the Asian session, at GMT0300, the pair is trading at 44.43, with the oil trading 0.23% higher against the USD from yesterday’s close.
The pair is expected to find support at 44.16, and a fall through could take it to the next support level of 43.90. The pair is expected to find its first resistance at 44.75, and a rise through could take it to the next resistance level of 45.08.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
