Crude Oil Movement
On Friday, Crude Oil prices declined 1.78% against the USD for the period ending 21:00GMT, closing at 44.77, after a global leading investment bank projected a steep decline in crude oil prices, citing over-production and concerns over China’s economy.
In the Asian session, at GMT0300, the pair is trading at 44.42, with the oil trading 0.78% lower from Friday’s close.
The pair is expected to find support at 43.76, and a fall through could take it to the next support level of 43.10. The pair is expected to find its first resistance at 45.48, and a rise through could take it to the next resistance level of 46.54.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
