Crude Oil Movement
Crude Oil prices declined 1.60% against the USD for the 24 hour period ending 23:00GMT, closing at 46.67, as China’s 4Q economy expanded at its slowest pace in 24 years, thus raising demand concerns from the world’s second largest consumer of oil.
In the Asian session, at GMT0400, the pair is trading at 46.96, with the oil trading 0.62% higher from yesterday’s close.
The pair is expected to find support at 46.11, and a fall through could take it to the next support level of 45.27. The pair is expected to find its first resistance at 48.02, and a rise through could take it to the next resistance level of 49.09.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
