Crude Oil Movement
Crude Oil prices declined 0.41% against the USD for the 24 hour period ending 23:00GMT, closing at 93.09, following an unexpected decline in Chinese imports, thereby raising concerns about the demand outlook of the commodity in the world’s second biggest consumer of oil.
In the Asian session, at GMT0300, the pair is trading at 92.96, with the oil trading 0.14% lower from yesterday’s close.
The pair is expected to find support at 91.9867, and a fall through could take it to the next support level of 91.0133. The pair is expected to find its first resistance at 93.7467, and a rise through could take it to the next resistance level of 94.5333.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
