For the 24 hours to 23:00 GMT, Crude Oil declined 5.25% against the USD and closed at USD58.16 per barrel, as escalating US-China trade war tensions raised concerns over a slowdown in energy demand.
In the Asian session, at GMT0300, the pair is trading at 58.51, with oil trading 0.60% higher against the USD from yesterday’s close.
The pair is expected to find support at 56.84, and a fall through could take it to the next support level of 55.18. The pair is expected to find its first resistance at 60.66, and a rise through could take it to the next resistance level of 62.82.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.