Crude Oil Movement
Crude Oil prices declined 0.84% against the USD for the 24 hour period ending 23:00GMT, closing at 48.54, on continued concerns of global oil over-supply.
In the Asian session, at GMT0300, the pair is trading at 48.24, with the oil trading 0.62% lower from yesterday’s close.
The pair is expected to find support at 47.80, and a fall through could take it to the next support level of 47.37. The pair is expected to find its first resistance at 49.01, and a rise through could take it to the next resistance level of 49.79.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
