Crude Oil Movement
Crude Oil prices declined 1.64% against the USD for the 24 hour period ending 23:00GMT, closing at 43.88, as global supply glut concerns continued to weigh on oil prices.
Meanwhile, Executive director of the International Energy Agency (IEA), Fatih Birol, warned that investments in oil are likely to fall further in 2016 due to low prices.
In the Asian session, at GMT0400, the pair is trading at 43.47, with the oil trading 0.93% lower from yesterday’s close.
The pair is expected to find support at 42.89, and a fall through could take it to the next support level of 42.30. The pair is expected to find its first resistance at 44.50, and a rise through could take it to the next resistance level of 45.52.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
