Crude Oil Movement
Crude Oil prices declined 5.49% against the USD for the 24 hour period ending 23:00GMT, closing at 37.71, slipping to a nearly 7-year low, as signs of an unabated global supply glut persist.
In the Asian session, at GMT0400, the pair is trading at 37.8, with the oil trading 0.24% higher from yesterday’s close.
The pair is expected to find support at 36.95, and a fall through could take it to the next support level of 36.09. The pair is expected to find its first resistance at 39.21, and a rise through could take it to the next resistance level of 40.61.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
