Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.98% against the USD and closed at USD54.82 per barrel, weighed down by renewed worries over slowdown in global economy and energy demand.
In the Asian session, at GMT0400, the pair is trading at 54.83, with oil trading slightly higher against the USD from yesterday’s close.
The pair is expected to find support at 53.49, and a fall through could take it to the next support level of 52.16. The pair is expected to find its first resistance at 55.96, and a rise through could take it to the next resistance level of 57.08.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
