Crude Oil Movement
Crude Oil prices declined 1.87% against the USD for the 24-hour period ending 23:00GMT, closing at 46.68, extending its previous session losses, as Britain’s shocking vote to leave the European Union continued to weigh on market sentiment.
In the Asian session, at GMT0300, the pair is trading at 46.91, with the oil trading 0.49% higher from yesterday’s close, as a looming strike by Norwegian oil workers threatened to cut output in western Europe’s biggest oil producing region.
The pair is expected to find support at 45.84, and a fall through could take it to the next support level of 44.77. The pair is expected to find its first resistance at 47.97, and a rise through could take it to the next resistance level of 49.03.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
