Crude Oil Movement
Crude Oil prices declined 0.83% against the USD for the 24-hour period ending 23:00GMT, closing at 39.41, as global supply glut concerns continued to weigh on the commodity’s price.
In the Asian session, at GMT0300, the pair is trading at 39.23, with the oil trading 0.46% lower from yesterday’s close.
The pair is expected to find support at 38.68, and a fall through could take it to the next support level of 38.13. The pair is expected to find its first resistance at 39.96, and a rise through could take it to the next resistance level of 40.69.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
