Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.4% against the USD and closed at USD46.91 per barrel, amid persistent concerns over global supply glut.
In the Asian session, at GMT0300, the pair is trading at 46.90, with the oil trading slightly lower against the USD from yesterday’s close, with investors awaiting the outcome of a key meeting of major oil producing countries next week.
The pair is expected to find support at 46.56, and a fall through could take it to the next support level of 46.22. The pair is expected to find its first resistance at 47.49, and a rise through could take it to the next resistance level of 48.08.
Crude oil is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
