Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.55% against the USD and closed at USD65.63 per barrel on Friday, amid worries over rising US output and decreasing demand in China.
In the Asian session, at GMT0300, the pair is trading at 65.71, with oil trading 0.12% higher against the USD from Friday’s close.
The pair is expected to find support at 65.16, and a fall through could take it to the next support level of 64.61. The pair is expected to find its first resistance at 66.25, and a rise through could take it to the next resistance level of 66.79.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
