Crude Oil Movement
Crude Oil prices declined 7.35% against the USD for the 24 hour period ending 23:00GMT, closing at 44.15, owning to concerns about a weak Chinese economic growth, thereby dampening the demand outlook of the commodity from the world’s second biggest consumer of oil.
Oil prices further came under pressure after the American Petroleum Institute (API) disclosed that US crude oil inventories soared more than expected by 7.6 million barrels last week.
In the Asian session, at GMT0300, the pair is trading at 44.30, with the oil trading 0.34% higher from yesterday’s close.
The pair is expected to find support at 42.48, and a fall through could take it to the next support level of 40.66. The pair is expected to find its first resistance at 47.49, and a rise through could take it to the next resistance level of 50.68.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
