Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.61% against the USD and closed at USD50.27 per barrel, as Libya’s largest oil field resumed crude production.
In the Asian session, at GMT0300, the pair is trading at 50.27, with the oil trading flat against the USD from yesterday’s close.
The pair is expected to find support at 49.98, and a fall through could take it to the next support level of 49.70. The pair is expected to find its first resistance at 50.69, and a rise through could take it to the next resistance level of 51.12.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
