For the 24 hours to 23:00 GMT, Crude Oil declined 5.73% against the USD and closed at USD55.49 per barrel, led by weak prospects for global economic growth and declining demand for oil.
In the Asian session, at GMT0400, the pair is trading at 55.63, with oil trading 0.25% higher against the USD from yesterday’s close.
The pair is expected to find support at 53.80, and a fall through could take it to the next support level of 51.98. The pair is expected to find its first resistance at 58.40, and a rise through could take it to the next resistance level of 61.18.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.