Crude Oil Movement
Crude Oil prices advanced 0.34% against the USD for the 24 hour period ending 23:00GMT, closing at 44.59, after economic data from the US showed that the first-time claims for unemployment benefits in the nation declined more than expected last week, thus increasing the demand outlook of the commodity from the world’s biggest consumer of oil.
In the Asian session, at GMT0400, the pair is trading at 44.59, with the oil trading flat from yesterday’s close.
The pair is expected to find support at 43.79, and a fall through could take it to the next support level of 42.99. The pair is expected to find its first resistance at 45.17, and a rise through could take it to the next resistance level of 45.75.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
