For the 24 hours to 23:00 GMT, Crude Oil declined 18.33% against the USD and closed at USD12.83 per barrel, amid rising concerns about limited storage capacity for crude worldwide.
In the Asian session, at GMT0300, the pair is trading at 10.78, with oil trading 15.98% lower against the USD from yesterday’s close.
The pair is expected to find support at 8.95, and a fall through could take it to the next support level of 7.11. The pair is expected to find its first resistance at 14.31, and a rise through could take it to the next resistance level of 17.83.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
