Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.13% against the USD and closed at USD55.23 per barrel, amid mounting concerns over surging US crude supplies and gloomier outlook for global oil demand.
In the Asian session, at GMT0400, the pair is trading at 55.32, with oil trading 0.16% higher against the USD from yesterday’s close.
The pair is expected to find support at 54.96, and a fall through could take it to the next support level of 54.6. The pair is expected to find its first resistance at 55.65, and a rise through could take it to the next resistance level of 55.98.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
