Crude Oil Movement
Crude Oil prices advanced 0.94% against the USD for the 24 hour period ending 23:00GMT, closing at 90.35. However, gains in crude oil were limited after the World Bank slashed China’s growth forecast for the current fiscal, thereby raising concerns of the demand outlook of the commodity from the world’s second biggest consumer of oil.
In the Asian session, at GMT0300, the pair is trading at 90.2, with the oil trading 0.17% lower from yesterday’s close.
The pair is expected to find support at 89.06, and a fall through could take it to the next support level of 87.92. The pair is expected to find its first resistance at 91.04, and a rise through could take it to the next resistance level of 91.88.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
