Crude Oil Movement
Crude Oil prices declined 5.79% against the USD for the 24 hour period ending 23:00GMT, closing at 34.16, as weakening Chinese economy dampened the demand outlook of the commodity from the world’s second biggest economy..
Oil prices failed to gain ground, after the Energy Information Administration (EIA) disclosed that crude oil stockpiles in the US fell by 5.1 million barrels to 482.3 million barrels in the week ended 01 January.
In the Asian session, at GMT0400, the pair is trading at 33.19, with the oil trading 2.84% lower from yesterday’s close.
The pair is expected to find support at 31.93, and a fall through could take it to the next support level of 30.68. The pair is expected to find its first resistance at 35.28, and a rise through could take it to the next resistance level of 37.38.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
