Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 7.18% against the USD and closed at 29.88, on concerns about global economic growth and persistent global supply surplus weighed on the commodity.
Oil prices remained under pressure, after reports indicated that Iraq’s oil production hit a record in December.
In the Asian session, at GMT0400, the pair is trading at 29.74, with the oil trading 0.47% lower from yesterday’s close.
The pair is expected to find support at 28.65, and a fall through could take it to the next support level of 27.57. The pair is expected to find its first resistance at 31.78, and a rise through could take it to the next resistance level of 33.83.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
