Crude Oil Movement
Crude Oil prices declined 1.14% against the USD for the 24 hour period ending 23:00GMT, closing at 51.02, reversing its previous session gains. During the day oil prices received support, amid supply concerns from Libya, after the nation announced a force majeure on 11 of its oil fields on the back of security concerns.
In the Asian session, at GMT0400, the pair is trading at 51.14, with the oil trading 0.24% higher from yesterday’s close.
The pair is expected to find support at 50.36, and a fall through could take it to the next support level of 49.59. The pair is expected to find its first resistance at 52.15, and a rise through could take it to the next resistance level of 53.17.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
