Crude Oil Movement
Crude Oil prices advanced 0.96% against the USD for the 24-hour period ending 23:00GMT, closing at 46.36, oscillating between gains and losses throughout the trading session, after the International Energy Agency (IEA) raised its 2016 global oil demand growth forecast and indicated that the global oversupply hang is waning.
In the Asian session, at GMT0300, the pair is trading at 46.12, with the oil trading 0.52% lower from yesterday’s close.
The pair is expected to find support at 45.48, and a fall through could take it to the next support level of 44.84. The pair is expected to find its first resistance at 46.89, and a rise through could take it to the next resistance level of 47.66.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
