Crude Oil: Oil trading below its MA’s

Crude Oil

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.

This entry was posted in Crude Oil. Bookmark the permalink.

Comments are closed.