Crude Oil Movement
Crude Oil prices declined 0.78% against the USD for the 24-hour period ending 23:00GMT, closing at 48.50, extending losses for the third consecutive session.
Separately, the Organisation of the Petroleum Exporting Countries (OPEC) predicted that the global oil market will be more balanced in the second half of 2016.
In the Asian session, at GMT0300, the pair is trading at 48.34, with the oil trading 0.33% lower from yesterday’s close.
The pair is expected to find support at 47.91, and a fall through could take it to the next support level of 47.47. The pair is expected to find its first resistance at 49.03, and a rise through could take it to the next resistance level of 49.71.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
