For the 24 hours to 23:00 GMT, Crude Oil declined 0.6% against the USD and closed at USD52.68 per barrel, amid concerns that rising US crude output may potentially offset efforts by other major crude producers to ease global supply-glut.
In the Asian session, at GMT0400, the pair is trading at 52.42, with the oil trading 0.49% lower from yesterday’s close.
The pair is expected to find support at 52.01, and a fall through could take it to the next support level of 51.61. The pair is expected to find its first resistance at 53.14, and a rise through could take it to the next resistance level of 53.87.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.