Crude Oil Movement
On Friday, Crude Oil prices advanced 0.19% against the USD for the period ending 21:00GMT, closing at 52.80.
Gain in oil prices were kept in check, on demand growth concerns, after the International Energy Agency (IEA) forecasted that global oil demand would continue to slowdown throughout the rest of 2015 and in 2016 as well. It further warned that the global supply glut will keep oil prices under pressure.
In the Asian session, at GMT0300, the pair is trading at 51.84, with the oil trading 1.82% lower from Friday’s close.
The pair is expected to find support at 51.11, and a fall through could take it to the next support level of 50.38. The pair is expected to find its first resistance at 53.23, and a rise through could take it to the next resistance level of 54.62.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
