Crude Oil Movement
Crude Oil prices declined 1.72% against the USD for the 24 hour period ending 23:00GMT, closing at 44.51, on the back of weak US manufacturing data and as fears of an impending hurricane over the US East Coast oil installations was put to rest by the government’s storm monitoring agency.
In the Asian session, at GMT0300, the pair is trading at 45.28, with the oil trading 1.73% higher from yesterday’s close.
The pair is expected to find support at 44.24, and a fall through could take it to the next support level of 43.20. The pair is expected to find its first resistance at 46.71, and a rise through could take it to the next resistance level of 48.14.
Crude oil is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
