Crude Oil Movement
Crude Oil prices declined 5.79% against the USD for the 24 hour period ending 23:00GMT, closing at 31.24, dropping to a 12-year low level, over concerns of slowing demand from China, the world’s second largest consumer of oil.
In the Asian session, at GMT0400, the pair is trading at 31.1, with the oil trading 0.32% lower from yesterday’s close.
The pair is expected to find support at 30.25, and a fall through could take it to the next support level of 29.41. The pair is expected to find its first resistance at 32.57, and a rise through could take it to the next resistance level of 34.05.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
