For the 24 hours to 23:00 GMT, Crude Oil declined 0.67% against the USD and closed at USD53.03 per barrel, amid escalating worries over energy demand. Also, the Energy Information Administration report projected a rise in oil output from seven major US shale players by 62,000 barrels a day to 8.18 million barrels per day in the next month.
In the Asian session, at GMT0400, the pair is trading at 53.04, with oil trading a slightly higher against the USD from yesterday’s close.
The pair is expected to find support at 52.12, and a fall through could take it to the next support level of 51.19. The pair is expected to find its first resistance at 53.89, and a rise through could take it to the next resistance level of 54.73.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.