Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.29% against the USD and closed at USD47.39 per barrel, pressured by rising expectations of higher crude exports from Iraq and Nigeria.
In the Asian session, at GMT0300, the pair is trading at 46.68, with the oil trading 1.5% lower from yesterday’s close.
The pair is expected to find support at 45.98, and a fall through could take it to the next support level of 45.27. The pair is expected to find its first resistance at 48.03, and a rise through could take it to the next resistance level of 49.37.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
