Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.09% against the USD and closed at 29.10, after last week’s decision to lift sanctions on Iran added to the woes of weak demand and worries about a downturn in China, the world’s second-biggest oil consumer.
In the Asian session, at GMT0400, the pair is trading at 29.34, with the oil trading 0.82% higher from yesterday’s close.
The pair is expected to find support at 28.70, and a fall through could take it to the next support level of 28.06. The pair is expected to find its first resistance at 29.91, and a rise through could take it to the next resistance level of 30.48.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
