Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.52% against the USD and closed at USD53.73 per barrel on Friday, as worries over slower Chinese economic growth raised concerns about energy demand. Additionally, Baker Hughes reported that US oil rig count rose by 1 to 713 last week.
In the Asian session, at GMT0300, the pair is trading at 53.68, with oil trading 0.09% lower against the USD from Friday’s close, amid continuous concerns about the slowdown in global economic growth and its impact on oil demand.
The pair is expected to find support at 53.15, and a fall through could take it to the next support level of 52.61. The pair is expected to find its first resistance at 54.42, and a rise through could take it to the next resistance level of 55.15.
Crude oil is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
