Crude Oil Movement
Crude Oil prices declined 2.34% against the USD for the 24 hour period ending 23:00GMT, closing at 45.45, extending its previous session losses, as fears of global supply glut continued to weigh on oil prices.
In the Asian session, at GMT0400, the pair is trading at 45.41, with the oil trading marginally lower from yesterday’s close.
The pair is expected to find support at 44.80, and a fall through could take it to the next support level of 44.20. The pair is expected to find its first resistance at 46.33, and a rise through could take it to the next resistance level of 47.26.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
