Crude Oil Movement
On Friday, Crude Oil prices declined 4.46% against the USD for the period ending 21:00GMT, closing at 44.77, extending its previous session losses, owing to demand growth concerns, after the Fed, in its recent meet, remained worried on global economic slowdown.
In the Asian session, at GMT0300, the pair is trading at 44.96, with the oil trading 0.42% higher from Friday’s close.
The pair is expected to find support at 43.79, and a fall through could take it to the next support level of 42.62. The pair is expected to find its first resistance at 46.58, and a rise through could take it to the next resistance level of 48.20.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
