Crude Oil Movement
On Friday, Crude Oil prices declined 0.76% against the USD for the period ending 21:00GMT, closing at 81.23, after a leading broker slashed its price projections for crude, stating that supply growth from non-OPEC producers would outpace demand.
In the Asian session, at GMT0400, the pair is trading at 80.98, with the oil trading 0.31% lower from Friday’s close.
The pair is expected to find support at 80.28, and a fall through could take it to the next support level of 79.58. The pair is expected to find its first resistance at 81.76, and a rise through could take it to the next resistance level of 82.54.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
