Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.33% against the USD and closed at 43.23, as fading global demand led to renewed fears of global crude glut.
In the Asian session, at GMT0300, the pair is trading at 43.23, with the oil trading flat from yesterday’s close.
The pair is expected to find support at 42.70, and a fall through could take it to the next support level of 42.16. The pair is expected to find its first resistance at 44.04, and a rise through could take it to the next resistance level of 44.84.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
