Crude Oil Movement
Crude Oil prices declined 4.35% against the USD for the 24 hour period ending 23:00GMT, closing at 47.90 as global supply glut continued to hamper oil prices along with rising speculations over the possible exit of Greece from the Euro-zone.
Yesterday, the American Petroleum Institute (API) showed that the US crude oil inventories dropped by 4 million barrels, last week.
In the Asian session, at GMT0400, the pair is trading at 47.90, with the oil trading flat from yesterday’s close.
The pair is expected to find support at 46.86, and a fall through could take it to the next support level of 45.82. The pair is expected to find its first resistance at 49.63, and a rise through could take it to the next resistance level of 51.36.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
