Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.63% against the USD and closed at 31.13, as strong performance in Chinese markets gave investors hope that demand will keep growing from the nation, the second largest oil-buying country in the world.
In the Asian session, at GMT0400, the pair is trading at 30.72, with the oil trading 1.32% lower from yesterday’s close.
The pair is expected to find support at 30.22, and a fall through could take it to the next support level of 29.73. The pair is expected to find its first resistance at 31.49, and a rise through could take it to the next resistance level of 32.27.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
