Crude Oil Movement
Crude Oil prices declined 0.45% against the USD for the 24 hour period ending 23:00GMT, closing at 44.09, extending its previous session losses, as disappointing trade data from China stoked fears of slowing demand from the world’s second largest consumer of oil.
Separately, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Abdalla Salem el-Badri, stated that owing to growth in demand, the global oil market is expected to become more balanced in 2016.
In the Asian session, at GMT0400, the pair is trading at 44.16, with the oil trading 0.16% higher from yesterday’s close.
The pair is expected to find support at 43.49, and a fall through could take it to the next support level of 42.83. The pair is expected to find its first resistance at 44.97, and a rise through could take it to the next resistance level of 45.79.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
