Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.99% against the USD and closed at USD52.97 per barrel, as lower economic growth forecast from the International Monetary Fund (IMF) stoked worries about crude oil demand.
In the Asian session, at GMT0300, the pair is trading at 52.96, with oil trading slightly lower against the USD from yesterday’s close.
The pair is expected to find support at 52.30, and a fall through could take it to the next support level of 51.65. The pair is expected to find its first resistance at 53.70, and a rise through could take it to the next resistance level of 54.45.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
