Crude Oil Movement
Crude Oil prices declined 0.74% against the USD for the 24 hour period ending 23:00GMT, closing at 45.70, reversing its previous session gains, after the US economy expanded less than anticipated in Q3 2015, hitting the demand outlook of the commodity from the world’s largest consumer of oil.
In the Asian session, at GMT0400, the pair is trading at 45.91, with the oil trading 0.46% higher from yesterday’s close.
The pair is expected to find support at 45.12, and a fall through could take it to the next support level of 44.32. The pair is expected to find its first resistance at 46.75, and a rise through could take it to the next resistance level of 47.58.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
