Crude Oil Movement
Crude Oil prices declined 2.74% against the USD for the 24 hour period ending 23:00GMT, closing at 46.15, over concerns of slowing economic growth in China, the world’s second largest energy consumer, as the nation’s economy grew at its slowest pace in six years during the third quarter.
Moreover, comments by Iran’s oil minister, Bijan Zangeneh, that the country is likely to boost its oil production by 0.5 million barrels a day in the coming months further weighed on oil prices.
In the Asian session, at GMT0300, the pair is trading at 46.02, with the oil trading 0.28% lower from yesterday’s close.
The pair is expected to find support at 45.49, and a fall through could take it to the next support level of 44.97. The pair is expected to find its first resistance at 46.90, and a rise through could take it to the next resistance level of 47.79.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
