Crude Oil Movement
Crude Oil prices declined 1.76% against the USD for the 24 hour period ending 23:00GMT, closing at 55.12, amid demand growth concerns.
In the Asian session, at GMT0400, the pair is trading at 54.44, with the oil trading 1.23% lower from yesterday’s close.
The pair is expected to find support at 52.75, and a fall through could take it to the next support level of 51.06. The pair is expected to find its first resistance at 57.43, and a rise through could take it to the next resistance level of 60.42.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
