Crude Oil Movement
Crude Oil prices declined 3.19% against the USD for the 24 hour period ending 23:00GMT, closing at 50.74, after the International Energy Agency (IEA) warned that global supplies would continue to rise.
The agency also predicted that demand for oil from the Organization of the Petroleum Exporting Countries (OPEC) would stand at 29.4 million barrels per day (bpd) in 2015.
Meanwhile, the American Petroleum Institute (API) data showed that US crude oil inventories expanded by 1.6 million barrels to 413.7 million barrels in the previous week.
In the Asian session, at GMT0400, the pair is trading at 50.34, with the oil trading 0.79% lower from yesterday’s close.
The pair is expected to find support at 49.28, and a fall through could take it to the next support level of 48.22. The pair is expected to find its first resistance at 51.97, and a rise through could take it to the next resistance level of 53.60.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
