Crude Oil Movement
On Friday, Crude Oil prices declined 0.86% against the USD for the period ending 21:00GMT, closing at 50.92, amid concerns of continued global supply glut.
In the Asian session, at GMT0400, the pair is trading at 50.89, with the oil trading 0.06% lower from Friday’s close.
The pair is expected to find support at 49.90, and a fall through could take it to the next support level of 48.91. The pair is expected to find its first resistance at 52.18, and a rise through could take it to the next resistance level of 53.47.
Crude oil is trading below 20 Hr and 50 Hr moving averages.
