Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.39% against the USD and closed at USD49.14 per barrel, after news surfaced that two key oilfields in Libya had restarted, thus intensifying supply glut concerns.
In the Asian session, at GMT0300, the pair is trading at 49.32, with the oil trading 0.37% higher against the USD from yesterday’s close.
The pair is expected to find support at 48.54, and a fall through could take it to the next support level of 47.76. The pair is expected to find its first resistance at 49.76, and a rise through could take it to the next resistance level of 50.20.
Crude oil is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
