Crude Oil Movement
Crude Oil prices advanced 4.56% against the USD for the 24 hour period ending 23:00GMT, closing at 51.12 and extending its previous session gains on the back of rising fears that escalation of battle between Yemeni rebels and Saudi Arabia could disrupt global oil supplies.
In the Asian session, at GMT0400, the pair is trading at 50.41, with the oil trading 1.39% lower from yesterday’s close.
The pair is expected to find support at 49.32, and a fall through could take it to the next support level of 48.23. The pair is expected to find its first resistance at 51.99, and a rise through could take it to the next resistance level of 53.57.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
