Crude Oil Movement
Crude Oil prices declined 1.28% against the USD for the 24 hour period ending 23:00GMT, closing at 91.80, as investor sentiment dented after the US fourth-quarter gross domestic product came in below market expectations.
In the Asian session, at GMT0400, Crude Oil is trading at 91.64, 0.17% lower from yesterday’s close, as manufacturing activity eased in China.
This morning, manufacturing Purchasing Managers Index (PMI) in China fell to a reading of 50.1 in February, from a reading of 50.4 recorded in the previous month. Also, the final HSBC manufacturing PMI dropped to a reading of 50.4 in February, unchanged from the flash estimate and compared to a reading of 52.3 recorded in the last month.
Crude Oil is expected to find support at 90.99, and a fall through could take it to the next support level of 90.35. Crude oil is expected to find its first resistance at 92.72, and a rise through could take it to the next resistance level of 93.81.
Crude Oil is trading below its 20 Hr and 50 Hr moving averages.
