Crude Oil Movement
On Friday, Crude Oil prices declined 1.94% against the USD for the period ending 21:00GMT, closing at 55.52.
In the Asian session, at GMT0300, the pair is trading at 54.99, with the oil trading 0.95% lower from Friday’s close, after reports came in that Iran wants to ram up its crude exports, once its sanctions are lifted.
The pair is expected to find support at 54.02, and a fall through could take it to the next support level of 53.05. The pair is expected to find its first resistance at 56.37, and a rise through could take it to the next resistance level of 57.75.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
