Crude Oil Movement
On Friday, Crude Oil prices declined 5.44% against the USD for the period ending 21:00GMT, closing at 48.34, after reports came in that sanctions against Iran would be lifted which could further escalate worries of oversupply in the oil market.
In the Asian session, at GMT0300, the pair is trading at 48.15, with the oil trading 0.39% lower from Friday’s close.
The pair is expected to find support at 47.03, and a fall through could take it to the next support level of 45.91. The pair is expected to find its first resistance at 50.18, and a rise through could take it to the next resistance level of 52.21.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
