Crude Oil Movement
Crude Oil prices declined 2.40% against the USD for the 24 hour period ending 23:00GMT, closing at 55.39, extending its previous session heavy losses.
In the Asian session, at GMT0400, the pair is trading at 55.66, with the oil trading 0.49% higher from yesterday’s close. However, gains were capped after manufacturing activity in China, the world’s second biggest consumer of oil, slipped into contraction territory.
The pair is expected to find support at 54.21, and a fall through could take it to the next support level of 52.76. The pair is expected to find its first resistance at 57.92, and a rise through could take it to the next resistance level of 60.18.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
