Yesterday, Crude Oil declined as the Dollar strengthened. Losses were also seen as weak data was released from China; the HSBC Manufacturing PMI came out at 48.9 when predicted to be 49.4. As China is the second largest consumer of oil, this caused speculation that demand for the commodity may drop.
Today, the price is climbing in anticipation of U.S supply data. Output in Libya is also slowing due to protests. The API will release their report at 8.30PM (GMT). The movement is slightly up. Support is found at 58.4 and resistance at 64.00.
May 5, 2015 – Commodities News
Crude Oil
Yesterday, Crude Oil declined as the Dollar strengthened. Losses were also seen as weak data was released from China; the HSBC Manufacturing PMI came out at 48.9 when predicted to be 49.4. As China is the second largest consumer of oil, this caused speculation that demand for the commodity may drop.
Today, the price is climbing in anticipation of U.S supply data. Output in Libya is also slowing due to protests. The API will release their report at 8.30PM (GMT). The movement is slightly up. Support is found at 58.4 and resistance at 64.00.
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