Crude Oil Movement
Crude Oil prices advanced 0.74% against the USD for the 24 hour period ending 23:00GMT, closing at 48.93, rebounding from its previous session losses, amid speculations that the US Shale boom was slowing down.
In the Asian session, at GMT0400, the pair is trading at 49.31, with the oil trading 0.78% higher from yesterday’s close.
The pair is expected to find support at 48.15, and a fall through could take it to the next support level of 47.00. The pair is expected to find its first resistance at 50.03, and a rise through could take it to the next resistance level of 50.76.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
