Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.66% against the USD and closed at USD58.02 per barrel, as an outage of a key North Sea pipeline sparked fresh supply concerns.
In the Asian session, at GMT0400, the pair is trading at 58.26, with oil trading 0.41% higher against the USD from yesterday’s close.
The pair is expected to find support at 57.33, and a fall through could take it to the next support level of 56.4. The pair is expected to find its first resistance at 58.77, and a rise through could take it to the next resistance level of 59.28.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
