Crude Oil Movement
Crude Oil prices advanced 1.03% against the USD for the 24 hour period ending 23:00GMT, closing at 56.63, after the Organization of the Petroleum Exporting Countries (OPEC) stated that demand for its crude was expected to improve to about 29.3 million barrels a day in 2015 amid anticipation of an end to the US supply boom this year.
In the Asian session, at GMT0300, the pair is trading at 56.03, with the oil trading 1.06% lower from yesterday’s close.
The pair is expected to find support at 54.92, and a fall through could take it to the next support level of 53.82. The pair is expected to find its first resistance at 57.27, and a rise through could take it to the next resistance level of 58.52.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
