Crude Oil Movement
Crude Oil prices declined 1.92% against the USD for the 24 hour period ending 23:00GMT, closing at 44.51, on the back of weak Chinese economic data, thereby dampening the demand prospects of the commodity.
In the Asian session, at GMT0300, the pair is trading at 44.45, with the oil trading 0.13% lower from yesterday’s close.
The pair is expected to find support at 44.00, and a fall through could take it to the next support level of 43.55. The pair is expected to find its first resistance at 45.19, and a rise through could take it to the next resistance level of 45.93.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
