For the 24 hours to 23:00 GMT, Crude Oil declined 1.58% against the USD and closed at USD60.33 per barrel, pressured by a stronger greenback as well as concerns over soaring US crude oil production.
In the Asian session, at GMT0400, the pair is trading at USD60.19 per barrel, with oil trading 0.23% lower against the USD from yesterday’s close.
The pair is expected to find support at 59.63, and a fall through could take it to the next support level of 59.08. The pair is expected to find its first resistance at 61.06, and a rise through could take it to the next resistance level of 61.94.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.