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Crude Oil pares gains amid China's poor trade data

01/14/2019
at 11:29 AM

Crude oil fell below $51.00 level as bears took back control after China's trade balance figures came worse than expected. This dented the investors' confidence and triggered risk off sentiment. European equities have also lost more than 1% on the day. 

However, the downtick move in crude oil could be limited as the US oil rigs count has declined. Now market is further looking at Wall St to find fresh impetus. 

Technical Levels

R1: 51.96
R2: 51.96
R3: 51.96

S1: 51.96
S2: 51.96
S3: 51.96

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