Crude Oil Movement
Crude Oil prices declined 1.33% against the USD for the 24 hour period ending 23:00GMT, closing at 43.09, as global supply glut concerns continues to weigh on oil prices. Additionally, weak Chinese industrial sector data stoked fears of slowing demand from the world’s second largest consumer of oil.
In the Asian session, at GMT0400, the pair is trading at 43.19, with the oil trading 0.23% higher from yesterday’s close.
The pair is expected to find support at 42.50, and a fall through could take it to the next support level of 41.82. The pair is expected to find its first resistance at 43.99, and a rise through could take it to the next resistance level of 44.80.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
