Crude Oil Movement
Crude Oil prices declined 0.25% against the USD for the 24 hour period ending 23:00GMT, closing at 40.57, as lingering concerns of global supply glut continue to weigh on oil prices.
In the Asian session, at GMT0400, the pair is trading at 40.59, with the oil trading marginally higher from yesterday’s close.
The pair is expected to find support at 39.98, and a fall through could take it to the next support level of 39.36. The pair is expected to find its first resistance at 41.12, and a rise through could take it to the next resistance level of 41.64.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
