Crude Oil Movement
On Friday, Crude Oil prices declined 0.43% against the USD for the period ending 21:00GMT, closing at 50.80, on continued fears of an oversupply, once Iran ramps up its production and starts shipping it to the global oil market.
In the Asian session, at GMT0300, the pair is trading at 50.74, with the oil trading 0.12% lower from Friday’s close.
The pair is expected to find support at 50.19, and a fall through could take it to the next support level of 49.65. The pair is expected to find its first resistance at 51.22, and a rise through could take it to the next resistance level of 51.71.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
