Crude Oil Movement
Crude Oil prices declined 3.93% against the USD for the 24-hour period ending 23:00GMT, closing at 46.75, amid renewed concerns that the Brexit decision would hurt the fragile global economy, thus making it unlikely that demand will grow enough to absorb the oil supply glut.
In the Asian session, at GMT0300, the pair is trading at 46.28, with the oil trading 1.01% lower from yesterday’s close.
The pair is expected to find support at 45.48, and a fall through could take it to the next support level of 44.67. The pair is expected to find its first resistance at 47.76, and a rise through could take it to the next resistance level of 49.23.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
