Crude Oil Movement
On Friday, Crude Oil prices declined 3.86% against the USD for the period ending 21:00GMT, closing at 45.14, amid a broad rally in the greenback coupled with the International Energy Agency (IEA) warning that the global oil glut was growing.
In the Asian session, at GMT0400, the pair is trading at 44.35, with the oil trading 1.75% lower from Friday’s close.
The pair is expected to find support at 42.85, and a fall through could take it to the next support level of 41.36. The pair is expected to find its first resistance at 46.55, and a rise through could take it to the next resistance level of 48.76.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
