Crude Oil Movement
Crude Oil prices advanced 2.82% against the USD for the 24 hour period ending 23:00GMT, closing at 47.44, boosted by a falling US Dollar, despite the market already facing a supply glut.
In the Asian session, at GMT0400, the pair is trading at 46.84, with the oil trading 1.26% lower from yesterday’s close.
The pair is expected to find support at 45.57, and a fall through could take it to the next support level of 44.31. The pair is expected to find its first resistance at 47.85, and a rise through could take it to the next resistance level of 48.87.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
