Crude Oil Movement
Crude Oil prices declined 0.48% against the USD for the 24 hour period ending 23:00GMT, closing at 41.86, as China’s slowdown and Japan’s contracting economy spurred worries about oil demand. News also emerged that the OPEC would potentially boost its crude production to 33 million barrels per day, the highest after international sanctions were removed against Iran.
In the Asian session, at GMT0300, the pair is trading at 41.80, with the Crude Oil prices trading 0.14% lower from yesterday’s close.
The pair is expected to find support at 41.39, and a fall through could take it to the next support level of 40.99. The pair is expected to find its first resistance at 42.44, and a rise through could take it to the next resistance level of 43.09.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
