Crude Oil Movement
Crude Oil prices declined 0.13% against the USD for the 24 hour period ending 23:00GMT, closing at 44.77, on concerns over a global economic downturn, thereby hitting the demand prospects for the commodity.
In the Asian session, at GMT0300, the pair is trading at 46.26, with the oil trading 3.33% higher from yesterday’s close.
The pair is expected to find support at 45.13, and a fall through could take it to the next support level of 44.00. The pair is expected to find its first resistance at 47.06, and a rise through could take it to the next resistance level of 47.86.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
