Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.09% against the USD and closed at USD45.77 per barrel, amid persistent concerns over global supply glut.
In the Asian session, at GMT0400, the pair is trading at 45.13, with oil trading 1.40% lower against the USD from yesterday’s close.
The pair is expected to find support at 44.40, and a fall through could take it to the next support level of 43.66. The pair is expected to find its first resistance at 46.20, and a rise through could take it to the next resistance level of 47.26.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.