Crude Oil Movement
Crude Oil prices declined 2.76% against the USD for the 24-hour period ending 23:00GMT, closing at 43.33, after reports emerged that Canada’s wildfires have moved away from the nation’s key oil production facilities region and that supplies will soon be back as before.
In the Asian session, at GMT0300, the pair is trading at 43.34, with the oil trading marginally higher from yesterday’s close.
The pair is expected to find support at 42.32, and a fall through could take it to the next support level of 41.31. The pair is expected to find its first resistance at 45.06, and a rise through could take it to the next resistance level of 46.79.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
