Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 4.11% against the USD and closed at 36.39, after weak trade data from China reignited concerns of slowing demand from the world’s second largest consumer of oil.
Separately, the American Petroleum Institute (API) reported that US oil inventories rose more-than-expected by 4.4 million barrels to a record high level of 520.5 million barrels in the week ended 04 March.
In the Asian session, at GMT0400, the pair is trading at 36.54, with the oil trading 0.41% higher from yesterday’s close.
The pair is expected to find support at 35.64, and a fall through could take it to the next support level of 34.75. The pair is expected to find its first resistance at 37.91, and a rise through could take it to the next resistance level of 39.29.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
