Crude Oil Movement
Crude Oil prices declined 0.19% against the USD for the 24 hour period ending 23:00GMT, closing at 52.79, as the fear of global over supply continued to hit the commodity’s price.
Meanwhile, the negotiations on Iran’s nuclear agreement with the Western powers were extended until Friday.
In the Asian session, at GMT0300, the pair is trading at 52.09, with the oil trading 1.33% lower from yesterday’s close.
The pair is expected to find support at 50.63, and a fall through could take it to the next support level of 49.18. The pair is expected to find its first resistance at 53.48, and a rise through could take it to the next resistance level of 54.88.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
