Crude Oil Movement
Crude Oil prices declined 0.63% against the USD for the 24-hour period ending 23:00GMT, closing at 48.66, reversing its previous session gains.
Separately, Saudi Arabia’s Energy Minister, Khaled Al-Faleh, indicated that the global oil market is heading towards balance.
In the Asian session, at GMT0300, the pair is trading at 48.38, with the oil trading 0.58% lower from yesterday’s close.
The pair is expected to find support at 47.98, and a fall through could take it to the next support level of 47.57. The pair is expected to find its first resistance at 49.07, and a rise through could take it to the next resistance level of 49.75.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
