Crude Oil Movement
Crude Oil prices declined 2.19% against the USD for the 24 hour period ending 23:00GMT, closing at 47.43, after a leading investment bank trimmed its price outlook for oil prices in 2015.
In the Asian session, at GMT0400, the pair is trading at 47.45, with the oil trading a tad higher from yesterday’s close.
The pair is expected to find support at 46.86, and a fall through could take it to the next support level of 46.28. The pair is expected to find its first resistance at 48.37, and a rise through could take it to the next resistance level of 49.30.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
