Crude Oil Movement
Crude Oil prices advanced 2.55% against the USD for the 24 hour period ending 23:00GMT, closing at 41.87, amid speculation that geopolitical tensions in the Middle East could lead to potential oil supply disruptions.
However, gains in oil prices were limited as worries of a persistent global supply glut remained on investor’s minds.
In the Asian session, at GMT0400, the pair is trading at 41.73, with the oil trading 0.33% lower from yesterday’s close.
The pair is expected to find support at 40.44, and a fall through could take it to the next support level of 39.16. The pair is expected to find its first resistance at 42.63, and a rise through could take it to the next resistance level of 43.54.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
