Crude Oil Movement
On Friday, Crude Oil prices declined 1.89% against the USD for the period ending 21:00GMT, closing at 45.64, as concerns over slowing demand and global supply glut combined with a rally in the greenback weighed on oil prices.
Oil prices remained in red after the Saudi Arabia’s new King, Salman Bin Abdulaziz vowed to maintain the nation’s oil output policy.
In the Asian session, at GMT0400, the pair is trading at 45.00, with the oil trading 1.4% lower from yesterday’s close.
The pair is expected to find support at 43.76, and a fall through could take it to the next support level of 42.53. The pair is expected to find its first resistance at 46.81, and a rise through could take it to the next resistance level of 48.63.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
