Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.97% against the USD and closed at 40.15, as ongoing fears about a global supply glut continued to weigh on investor sentiment.
In the Asian session, at GMT0300, the pair is trading at 40.18, with the oil trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 39.37, and a fall through could take it to the next support level of 38.57. The pair is expected to find its first resistance at 41.43, and a rise through could take it to the next resistance level of 42.69.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
