Crude Oil Movement
Crude Oil prices advanced 1.42% against the USD for the 24 hour period ending 23:00GMT, closing at 52.70, rebounding strongly from its previous session losses, with investors keeping a close eye on the Chinese stock market for demand concerns from biggest consumer of oil in the world.
In the Asian session, at GMT0300, the pair is trading at 53.26, with the oil trading 1.06% higher from yesterday’s close.
The pair is expected to find support at 52.28, and a fall through could take it to the next support level of 51.3. The pair is expected to find its first resistance at 53.89, and a rise through could take it to the next resistance level of 54.52.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
