For the 24 hours to 23:00 GMT, Crude Oil declined 1.29% against the USD and closed at USD55.23 per barrel, after the Organization of the Petroleum Exporting Countries (OPEC) and its allies failed to announce bigger oil production cuts.
In the Asian session, at GMT0300, the pair is trading at 54.98, with oil trading 0.45% lower against the USD from yesterday’s close.
The pair is expected to find support at 53.87, and a fall through could take it to the next support level of 52.77. The pair is expected to find its first resistance at 56.21, and a rise through could take it to the next resistance level of 57.45.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.