For the 24 hours to 23:00 GMT, Crude Oil rose 0.14% against the USD and closed at USD55.94 per barrel, amid OPEC-led production cuts, decline in crude oil supplies and optimism over
US-China trade talks.
In the Asian session, at GMT0400, the pair is trading at 55.74, with oil trading 0.36% lower against the USD from yesterday’s close amid fears that slowing economic growth will lower the demand for crude oil.
The pair is expected to find support at 55.44, and a fall through could take it to the next support level of 55.15. The pair is expected to find its first resistance at 56.18, and a rise through could take it to the next resistance level of 56.63.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.