Crude Oil Movement
Crude Oil prices declined 1.81% against the USD for the 24-hour period ending 23:00GMT, closing at 47.83, amid renewed global supply glut concerns as the recent disruptions to crude oil production waned.
In the Asian session, at GMT0300, the pair is trading at 48.01, with the oil trading 0.38% higher from yesterday’s close.
The pair is expected to find support at 47.71, and a fall through could take it to the next support level of 47.42. The pair is expected to find its first resistance at 48.26, and a rise through could take it to the next resistance level of 48.52.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
