gcitrading- For the 24 hours to 23:00 GMT, Crude Oil declined 0.72% against the USD and closed at USD44.22 per barrel, as investors remain grappled with concerns over relentless global supply glut.
Meanwhile, Saudi Arabia’s Energy Minister, Khalid al-Falih, expressed optimism that oil market is heading in the right direction but still needs time to rebalance considering the large surplus in stockpiles over the past years.
In the Asian session, at GMT0300, the pair is trading at 44.26, with the oil trading 0.09% higher against the USD from yesterday’s close.
The pair is expected to find support at 43.85, and a fall through could take it to the next support level of 43.45. The pair is expected to find its first resistance at 44.86, and a rise through could take it to the next resistance level of 45.47.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.