Crude Oil Movement
Crude Oil prices declined 0.46% against the USD for the 24 hour period ending 23:00GMT, closing at 43.73, as reports came in that oil sanctions on Iran would be removed, boosting the nation’s oil exports and adding to the already over-supplied oil market.
In the Asian session, at GMT0400, the pair is trading at 43.68, with the oil trading 0.11% lower from yesterday’s close.
The pair is expected to find support at 42.76, and a fall through could take it to the next support level of 41.84. The pair is expected to find its first resistance at 44.69, and a rise through could take it to the next resistance level of 45.70.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
