Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.32% against the USD and closed at USD58.90 per barrel, as ongoing trade war between US and China fuelled concerns about global economic slowdown.
In the Asian session, at GMT0300, the pair is trading at 58.53, with oil trading 0.63% lower against the USD from yesterday’s close.
The pair is expected to find support at 58.16, and a fall through could take it to the next support level of 57.80. The pair is expected to find its first resistance at 59.23, and a rise through could take it to the next resistance level of 59.94.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
