For the 24 hours to 23:00 GMT, Crude Oil rose 0.69% against the USD and closed at USD58.43 per barrel, amid ongoing worries over the shutdown of a major US pipeline and lower fuel inventories.
In the Asian session, at GMT0400, the pair is trading at 58.47, with oil trading 0.07% higher against the USD from yesterday’s close.
The pair is expected to find support at 57.95, and a fall through could take it to the next support level of 57.44. The pair is expected to find its first resistance at 58.78, and a rise through could take it to the next resistance level of 59.10.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.