Crude Oil Movement
Crude Oil prices declined 0.42% against the USD for the 24 hour period ending 23:00GMT, closing at 59.52, as the greenback strengthened and weighed on the dollar-denominated commodity.
However, losses in oil prices were cut, after Iraq’s largest province, Ramadi was captured by the IS fighters, thus renewing concerns of supply disruption from the region.
In the Asian session, at GMT0300, the pair is trading at 59.44, with the oil trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 58.70, and a fall through could take it to the next support level of 57.97. The pair is expected to find its first resistance at 60.52, and a rise through could take it to the next resistance level of 61.61.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
