Crude Oil Movement
Crude Oil prices declined 3.05% against the USD for the 24 hour period ending 23:00GMT, closing at 36.89, as weak manufacturing data from China fuelled concerns of slowing demand from the world’s second largest consumer of oil.
In the Asian session, at GMT0400, the pair is trading at 36.97, with the oil trading 0.22% higher from yesterday’s close.
The pair is expected to find support at 36.07, and a fall through could take it to the next support level of 35.17. The pair is expected to find its first resistance at 38.13, and a rise through could take it to the next resistance level of 39.29.
Crude oil is showing convergence with its 20 Hr moving average and is trading below its 50 Hr moving average.
