Analysis | Commodity Market Commentaries |
Written by GCI Financial |
Fri Mar 17 17 02:08 ET
For the 24 hours to 23:00 GMT, Crude Oil declined 0.59% against the USD and closed at USD48.81 per barrel, amid persistent global supply glut concerns.
In the Asian session, at GMT0400, the pair is trading at 48.86, with the oil trading 0.1% higher from yesterday’s close.
The pair is expected to find support at 48.33, and a fall through could take it to the next support level of 47.81. The pair is expected to find its first resistance at 49.50, and a rise through could take it to the next resistance level of 50.15.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
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