Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil declined 6.42% against the USD and closed at 31.46, led by downbeat economic data from China and growing speculation regarding output cuts by the Organisation of the Petroleum Exporting Countries (OPEC).
In the Asian session, at GMT0400, the pair is trading at 30.93, with the oil trading 1.68% lower from yesterday’s close.
The pair is expected to find support at 30.11, and a fall through could take it to the next support level of 29.29. The pair is expected to find its first resistance at 32.56, and a rise through could take it to the next resistance level of 34.19.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
