Crude Oil Movement
Crude Oil prices declined 0.50% against the USD for the 24-hour period ending 23:00GMT, closing at 49.36, reversing its previous session gains, as global supply glut concerns resurfaced.
In the Asian session, at GMT0300, the pair is trading at 49.11, with the oil trading 0.51% lower from yesterday’s close.
The pair is expected to find support at 48.72, and a fall through could take it to the next support level of 48.32. The pair is expected to find its first resistance at 49.86, and a rise through could take it to the next resistance level of 50.60.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
