Crude Oil Movement
Crude Oil prices declined 0.27% against the USD for the 24 hour period ending 23:00GMT, closing at 52.41.
Losses in oil prices were kept in check, after the Organization of the Petroleum Exporting Countries (OPEC) raised its demand growth forecast for 2015 to 29.21 million barrels per day, an increase of 0.43 million barrels per day than its earlier forecast.
In the Asian session, at GMT0400, the pair is trading at 52.2, with the oil trading 0.4% lower from yesterday’s close.
The pair is expected to find support at 51.23, and a fall through could take it to the next support level of 50.27. The pair is expected to find its first resistance at 53.57, and a rise through could take it to the next resistance level of 54.95.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
