Crude Oil Movement
On Friday, Crude Oil prices declined 0.26% against the USD for the period ending 21:00GMT, closing at 80.75.
In the Asian session, at GMT0400, the pair is trading at 80.35, with the oil trading 0.5% lower from Friday’s close, as China’s manufacturing activity slowed down in October, thus raising demand concerns from the world’s second biggest consumer of oil.
The pair is expected to find support at 79.51, and a fall through could take it to the next support level of 78.67. The pair is expected to find its first resistance at 81.23, and a rise through could take it to the next resistance level of 82.11.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
