Crude Oil Movement
Crude Oil prices declined 4.48% against the USD for the 24 hour period ending 23:00GMT, closing at 38.34, amid worries over demand outlook following concerns about growth in China.
In the Asian session, at GMT0300, the pair is trading at 38.87, with the crude oil trading 1.38% higher from yesterday’s close.
The pair is expected to find support at 37.85, and a fall through could take it to the next support level of 36.84. The pair is expected to find its first resistance at 39.77, and a rise through could take it to the next resistance level of 40.68.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
