Crude Oil Movement
Crude Oil prices declined 1.95% against the USD for the 24 hour period ending 23:00GMT, closing at 47.71, ahead of the outcome of Iran’s talks with the West over its nuclear program.
Oil prices were further pressurized, after the American Petroleum Institute (API) data showed that US crude oil inventories expanded by 5.2 million barrels, last week.
In the Asian session, at GMT0300, the pair is trading at 47.29, with the oil trading 0.88% lower from yesterday’s close.
The pair is expected to find support at 46.71, and a fall through could take it to the next support level of 46.14. The pair is expected to find its first resistance at 48.26, and a rise through could take it to the next resistance level of 49.24.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
