Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 2.21% against the USD and closed at USD59.79 per barrel, after an explosion of a Libyan crude pipeline sparked supply fears.
In the Asian session, at GMT0400, the pair is trading at 59.72, with oil trading 0.12% lower against the USD from yesterday’s close.
The pair is expected to find support at 58.69, and a fall through could take it to the next support level of 57.66. The pair is expected to find its first resistance at 60.38, and a rise through could take it to the next resistance level of 61.04.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
