Crude Oil Movement
Crude Oil prices advanced 0.76% against the USD for the 24 hour period ending 23:00GMT, closing at 51.96, as downbeat economic data from China spurred expectations that the policymakers in Beijing would be urged to implement additional stimulus measures in the near future.
In the Asian session, at GMT0300, the pair is trading at 52.39, with the oil trading 0.83% higher from yesterday’s close.
The pair is expected to find support at 51.57, and a fall through could take it to the next support level of 50.75. The pair is expected to find its first resistance at 53.15, and a rise through could take it to the next resistance level of 53.91.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
