Crude Oil Movement
Crude Oil prices advanced 1.05% against the USD for the 24-hour period ending 23:00GMT, closing at 49.99, after oscillating between gains and losses throughout the trading session.
Yesterday, Saudi Arabia’s energy minister, Khalid Al-Falih, indicated that the global oil market was returning to balance and prices are improving.
In the Asian session, at GMT0300, the pair is trading at 47.84, with the oil trading 4.3% lower from yesterday’s close.
The pair is expected to find support at 46.96, and a fall through could take it to the next support level of 46.07. The pair is expected to find its first resistance at 49.59, and a rise through could take it to the next resistance level of 51.33.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
