Crude Oil Movement
Crude Oil prices declined 1.08% against the USD for the 24 hour period ending 23:00GMT, closing at 48.70, as concerns of global supply glut continued to hit oil prices.
In the Asian session, at GMT0300, the pair is trading at 48.78, with the oil trading 0.16% higher from yesterday’s close.
The pair is expected to find support at 48.11, and a fall through could take it to the next support level of 47.45. The pair is expected to find its first resistance at 49.53, and a rise through could take it to the next resistance level of 50.29.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
