Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 6.75% against the USD and closed at USD50.39 per barrel on Friday, amid ongoing worries about oversupply and global economic growth slowdown.
In the Asian session, at GMT0400, the pair is trading at 50.73, with oil trading 0.67% higher against the USD from Friday’s close.
The pair is expected to find support at 49.29, and a fall through could take it to the next support level of 47.86. The pair is expected to find its first resistance at 53.02, and a rise through could take it to the next resistance level of 55.30.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.