Crude Oil Movement
Crude Oil prices declined 2.49% against the USD for the 24 hour period ending 23:00GMT, closing at 33.31, falling to near 12-year lows, as a sharp slide in Chinese equity markets raised concerns about the economic outlook of China, the world’s second largest consumer of oil.
In the Asian session, at GMT0400, the pair is trading at 33.92, with the oil trading 1.83% higher from yesterday’s close.
The pair is expected to find support at 32.57, and a fall through could take it to the next support level of 31.21. The pair is expected to find its first resistance at 34.81, and a rise through could take it to the next resistance level of 35.69.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
