Crude Oil Movement
Crude Oil prices advanced 0.85% against the USD for the 24 hour period ending 23:00GMT, closing at 49.95.
Yesterday, a leading bank projected oil futures to stay low for some more time, however added that its earlier forecast of $40 oil could be a bit too low. Meanwhile, during the weekend, the Secretary General of the OPEC, Abdalla Salem el-Badri indicated that the US shale industry has been hurt by the continuous decline in oil prices.
In the Asian session, at GMT0400, the pair is trading at 50.21, with the oil trading 0.52% higher from yesterday’s close.
The pair is expected to find support at 49.37, and a fall through could take it to the next support level of 48.54. The pair is expected to find its first resistance at 50.91, and a rise through could take it to the next resistance level of 51.62.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
