Crude Oil Movement
Crude Oil prices declined 1.53% against the USD for the 24 hour period ending 23:00GMT, closing at 41.95, amid global supply glut worries.
Moreover, disappointing industrial data from China further pressured oil prices, fuelling concerns of slowing demand from the world’s second largest consumer of oil.
In the Asian session, at GMT0400, the pair is trading at 41.87, with the oil trading 0.19% lower from Friday’s close.
The pair is expected to find support at 41.46, and a fall through could take it to the next support level of 41.04. The pair is expected to find its first resistance at 42.50, and a rise through could take it to the next resistance level of 43.12.
Crude oil is trading below its 20 Hr and 50 Hr moving averages
