Crude Oil Movement
On Friday, Crude Oil prices advanced 0.96% against the USD for the period ending 21:00GMT, closing at 49.30, after the US annualized 4Q GDP expanded more than expected, thus increasing demand outlook of the commodity from the world’s biggest consumer of oil.
In the Asian session, at GMT0400, the pair is trading at 49.39, with the oil trading 0.18% higher from Friday’s close.
The pair is expected to find support at 48.58, and a fall through could take it to the next support level of 47.78. The pair is expected to find its first resistance at 50.06, and a rise through could take it to the next resistance level of 50.74.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
