Crude Oil Movement
On Friday, Crude Oil prices declined 2.70% against the USD for the period ending 21:00GMT, closing at 49.64.
In the Asian session, at GMT0400, the pair is trading at 49.37, with the oil trading 0.54% lower from Friday’s close.
Over the weekend, the OPEC Secretary-General Abdalla El-Badri stated that the global oil market will return to balance in the second half of 2015 from an oversupply of 2 million barrels per day that has caused prices to decline.
The pair is expected to find support at 48.42, and a fall through could take it to the next support level of 47.48. The pair is expected to find its first resistance at 50.76, and a rise through could take it to the next resistance level of 52.16.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
