Crude Oil Movement
On Friday, Crude Oil prices advanced 0.45% against the USD for the period ending 21:00GMT, closing at 42.11, as industrial production in the US, the world’s biggest consumer of oil increased more than expected, thus raising the demand outlook of the commodity.
In the Asian session, at GMT0300, the pair is trading at 41.86, with the oil trading 0.59% lower from Friday’s close.
The pair is expected to find support at 41.47, and a fall through could take it to the next support level of 41.08. The pair is expected to find its first resistance at 42.60, and a rise through could take it to the next resistance level of 43.34.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
