Crude Oil Movement
Crude Oil prices advanced 1.10% against the USD for the 24-hour period ending 23:00GMT, closing at 49.60, reversing its previous session losses, amid supply outages in Nigeria.
In the Asian session, at GMT0300, the pair is trading at 49.46, with the oil trading 0.28% lower from yesterday’s close.
The pair is expected to find support at 48.98, and a fall through could take it to the next support level of 48.5. The pair is expected to find its first resistance at 49.92, and a rise through could take it to the next resistance level of 50.38.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
