Crude Oil Movement
Crude Oil prices declined 4.55% against the USD in the 24 hour period ending 23:00GMT, closing at 45.76, almost a 6-year low on continued worries of oversupply.
Additionally, the UAE’s Energy Minister, Al Mazrouei indicated that the nation would continue to increase its production output to 3.5 million barrels a day in 2017, which further dented oil price.
In the Asian session, at GMT0400, the pair is trading at 45.23, with the oil trading 1.16% lower from yesterday’s close.
The pair is expected to find support at 44.35, and a fall through could take it to the next support level of 43.48. The pair is expected to find its first resistance at 46.92, and a rise through could take it to the next resistance level of 48.62.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
