Crude Oil Movement
Crude Oil prices declined 2.79% against the USD for the 24 hour period ending 23:00GMT, closing at 93.16, following concerns that global supply is outstripping demand.
In the Asian session, at GMT0300, the pair is trading at 93.27, with the oil trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 92.0067, and a fall through could take it to the next support level of 90.7433. The pair is expected to find its first resistance at 95.2067, and a rise through could take it to the next resistance level of 97.1433.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
