Crude Oil Movement
Crude Oil prices declined 0.12% against the USD for the 24 hour period ending 23:00GMT, closing at 58.96, after manufacturing activity in China further slipped in to contraction in April, thus hitting the demand outlook of the commodity from the world’s second biggest consumer of oil.
In the Asian session, at GMT0300, the pair is trading at 58.83, with the oil trading 0.22% lower from yesterday’s close.
The pair is expected to find support at 58.27, and a fall through could take it to the next support level of 57.72. The pair is expected to find its first resistance at 59.57, and a rise through could take it to the next resistance level of 60.28.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
