Crude Oil Movement
Crude Oil prices declined 4.35% against the USD for the 24 hour period ending 23:00GMT, closing at 48.83, as the greenback strengthened and reduced the demand for the commodities as an alternative investment.
Additionally, global supply glut also weighed on the oil prices.
In the Asian session, at GMT0400, the pair is trading at 48.9, with the oil trading 0.14% higher from yesterday’s close.
The pair is expected to find support at 47.48, and a fall through could take it to the next support level of 46.06. The pair is expected to find its first resistance at 50.63, and a rise through could take it to the next resistance level of 52.36.
Crude oil is trading below with its 20 Hr and 50 Hr moving averages.
