Crude Oil Movement
On Friday, Crude Oil prices advanced 6.71% against the USD for the period ending 21:00GMT, closing at 47.58, as concerns of supply disruption rose following renewed violence in Iraq.
In the Asian session, at GMT0400, the pair is trading at 46.93, with the oil trading 1.37% lower from Friday’s close, amid reports that the ongoing strikes in the US refineries would decrease crude processing in the US and aggravate a global supply glut.
The pair is expected to find support at 44.71, and a fall through could take it to the next support level of 42.49. The pair is expected to find its first resistance at 48.75, and a rise through could take it to the next resistance level of 50.57.
Crude oil is trading above 20 Hr and 50 Hr moving averages.
