Crude Oil Movement
On Friday, Crude Oil prices declined 2.05% against the USD for the period ending 21:00GMT, closing at 52.65, hitting a 5.5 year low due to concerns of slowing demand of the commodity coupled with global supply glut.
In the Asian session, at GMT0400, the pair is trading at 51.71, with the oil trading 1.79% lower from Friday’s close.
The pair is expected to find support at 50.72, and a fall through could take it to the next support level of 49.74. The pair is expected to find its first resistance at 53.36, and a rise through could take it to the next resistance level of 55.02.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
