Crude Oil Movement
Crude Oil prices declined 1.32% against the USD for the 24 hour period ending 23:00GMT, closing at 51.02, extending its earlier session losses, as fears of fresh crude-oil glut continued to hit the commodity’s price.
In the Asian session, at GMT0300, the pair is trading at 51.00, with the oil trading a tad lower from yesterday’s close.
The pair is expected to find support at 50.50, and a fall through could take it to the next support level of 50.00. The pair is expected to find its first resistance at 51.83, and a rise through could take it to the next resistance level of 52.66.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
