Crude Oil Movement
On Friday, Crude Oil prices declined 3.38% against the USD for the period ending 21:00GMT, closing at 46.90, as concerns of global supply outweighing demand continued to drive the oil prices lower.
In the Asian session, at GMT0300, the pair is trading at 46.8, with the oil trading 0.21% lower from Friday’s close.
The pair is expected to find support at 45.89, and a fall through could take it to the next support level of 44.98. The pair is expected to find its first resistance at 48.16, and a rise through could take it to the next resistance level of 49.52.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
