Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil declined 2.3% against the USD and closed at 30.18, as persistent fears of global supply glut continue to pose negative impact on the commodity’s price.
In the Asian session, at GMT0400, the pair is trading at 30.06, with the oil trading 0.4% lower from yesterday’s close.
The pair is expected to find support at 29.29, and a fall through could take it to the next support level of 28.53. The pair is expected to find its first resistance at 31.10, and a rise through could take it to the next resistance level of 32.15.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
