Crude Oil Movement
Crude Oil prices advanced 1.08% against the USD for the 24 hour period ending 23:00GMT, closing at 41.09.
In the Asian session, at GMT0300, the pair is trading at 40.69, with crude oil prices trading 0.97% lower from yesterday’s close. However, gains were limited as demand concerns arose after the world second largest economy’s factory PMI flash figures came in disappointing.
The pair is expected to find support at 40.15, and a fall through could take it to the next support level of 39.62. The pair is expected to find its first resistance at 41.51, and a rise through could take it to the next resistance level of 42.34.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
