Crude Oil Movement
Crude Oil prices declined 2.93% against the USD for the 24 hour period ending 23:00GMT, closing at 45.36, on demand growth concerns, after manufacturing activity in China, the world’s second biggest consumer of oil, slowed down to a two-year low in July.
In the Asian session, at GMT0300, the pair is trading at 45.46, with the oil trading 0.22% higher from yesterday’s close.
The pair is expected to find support at 44.71, and a fall through could take it to the next support level of 43.96. The pair is expected to find its first resistance at 46.57, and a rise through could take it to the next resistance level of 47.68.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
