Crude Oil: Oil reverses its gains in the morning session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.08% against the USD and closed at USD53.24 per barrel. However, gains in crude prices were kept in check, after the International Energy Agency (IEA) forecasted that US shale output will likely grow at about 1.4 million barrels per day by 2022.

In the Asian session, at GMT0400, the pair is trading at 53.18, with the oil trading 0.11% lower against the USD from yesterday’s close.

The pair is expected to find support at 52.77, and a fall through could take it to the next support level of 52.37. The pair is expected to find its first resistance at 53.57, and a rise through could take it to the next resistance level of 53.97.

Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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