Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.46% against the USD and closed at USD47.59 per barrel, after news of a slowdown in Chinese refining activity raised concerns over demand for crude oil in the world’s second-biggest oil consumer.
In the Asian session, at GMT0300, the pair is trading at 47.65, with the oil trading 0.13% higher against the USD from yesterday’s close.
The pair is expected to find support at 47, and a fall through could take it to the next support level of 46.35. The pair is expected to find its first resistance at 48.73, and a rise through could take it to the next resistance level of 49.81.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
