Crude Oil Movement
Crude Oil prices advanced 2.47% against the USD for the 24 hour period ending 23:00GMT, closing at 45.59, as better than expected Q2 GDP growth data of the Euro-zone outweighed global supply glut, thus enhancing the demand outlook for the commodity.
In the Asian session, at GMT0300, the pair is trading at 46.17, with the oil trading 1.27% higher from yesterday’s close.
The pair is expected to find support at 44.76, and a fall through could take it to the next support level of 43.35. The pair is expected to find its first resistance at 46.99, and a rise through could take it to the next resistance level of 47.81.
