Crude Oil Movement
On Friday, Crude Oil prices declined 0.84% against the USD for the period ending 21:00GMT, closing at 92.24, weighed down by ample global supplies and concerns of global slowdown in demand of the commodity. Additionally, oil prices came under further pressure after the industrial output of China, the world’s second-largest consumer of oil, weakened in August.
In the Asian session, at GMT0300, the pair is trading at 91.2, with the oil trading 1.13% lower from Friday’s close.
The pair is expected to find support at 89.9967, and a fall through could take it to the next support level of 88.7933. The pair is expected to find its first resistance at 93.0367, and a rise through could take it to the next resistance level of 94.8733.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
