Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 3.03% against the USD and closed at USD50.97 per barrel, amid worries over a slowdown in global oil demand.
In the Asian session, at GMT0400, the pair is trading at 51.16, with oil trading 0.37% higher against the USD from yesterday’s close.
The pair is expected to find support at 50.22, and a fall through could take it to the next support level of 49.29. The pair is expected to find its first resistance at 52.40, and a rise through could take it to the next resistance level of 53.65.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
