Crude Oil Movement
Crude Oil prices advanced 0.79% against the USD for the 24 hour period ending 23:00GMT, closing at 49.76. However, gains in oil prices were kept in check, as speculation of a nuclear deal with Tehran which could lift Iran’s sanctions and boost the nation’s oil exports, thus resurfacing issues of a supply glut. Furthermore, data revealed that Libya’s oil production had jumped to more than 400,000 barrels per day from 363,000 bpd in January, pressurising the commodity further.
In the Asian session, at GMT0400, the pair is trading at 49.93, with the oil trading 0.34% higher from yesterday’s close.
The pair is expected to find support at 48.74, and a fall through could take it to the next support level of 47.56. The pair is expected to find its first resistance at 51.07, and a rise through could take it to the next resistance level of 52.22.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
