For the 24 hours to 23:00 GMT, Crude Oil declined 3.65% against the USD and closed at USD56.17 per barrel, on demand worries and after the International Energy Agency predicted an oversupply in crude oil market. Additionally, the American Petroleum Institute reported that crude oil inventories rose by 1.6 million barrels in the week ended 17 January 2020.
In the Asian session, at GMT0400, the pair is trading at 55.87, with oil trading 0.53% lower against the USD from yesterday’s close.
The pair is expected to find support at 54.96, and a fall through could take it to the next support level of 54.04. The pair is expected to find its first resistance at 57.45, and a rise through could take it to the next resistance level of 59.10.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.