Crude Oil Movement
Crude Oil prices declined 3.11% against the USD for the 24 hour period ending 23:00GMT, closing at 82.34, after the International Energy Agency (IEA) trimmed its oil demand forecast for 2015, for the fourth consecutive month, citing weaker global economic growth. Moreover, the IEA reported that it had slashed its 2014 oil demand growth estimate by 200,000 barrel per day to 0.7 million barrels per day (bpd). Additionally, oil prices came under further pressure following worse than expected economic data from Germany, Euro-zone’s biggest economy.
In the Asian session, at GMT0300, the pair is trading at 81.92, with oil trading 0.51% lower from yesterday’s close.
The pair is expected to find support at 80.29, and a fall through could take it to the next support level of 78.66. The pair is expected to find its first resistance at 84.57, and a rise through could take it to the next resistance level of 87.22.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
