Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil slightly declined against the USD and closed at USD47.84 per barrel, amid doubts whether oil producers would extend their output cut beyond June.
In the Asian session, at GMT0300, the pair is trading at 47.95, with the oil trading 0.23% higher against the USD from yesterday’s close.
The pair is expected to find support at 47.35, and a fall through could take it to the next support level of 46.76. The pair is expected to find its first resistance at 48.27, and a rise through could take it to the next resistance level of 48.60.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
