For the 24 hours to 23:00 GMT, Crude Oil declined 1.07% against the USD and closed at USD55.44 per barrel, amid worries over global oil demand and ahead of the US Fed Chairman, Jerome Powell’s speech in Jackson Hole.
In the Asian session, at GMT0300, the pair is trading at 55.47, with oil trading 0.05% higher against the USD from yesterday’s close.
The pair is expected to find support at 54.73, and a fall through could take it to the next support level of 53.98. The pair is expected to find its first resistance at 56.34, and a rise through could take it to the next resistance level of 57.20.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.