Crude Oil Movement
Crude Oil prices advanced 0.27% against the USD for the 24-hour period ending 23:00GMT, closing at 44.44, after a raging wildfire near Canada’s oil sands region and escalating tensions in Libya stoked concerns of a near-term shortage in oil supply.
In the Asian session, at GMT0300, the pair is trading at 44.07, with the oil trading 0.83% lower from yesterday’s close.
The pair is expected to find support at 43.33, and a fall through could take it to the next support level of 42.59. The pair is expected to find its first resistance at 45.44, and a rise through could take it to the next resistance level of 46.81.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
