Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.51% against the USD and closed at USD56.32 per barrel, amid fears of weak global economic growth and its impact on oil demand.
Meanwhile, the US decided to deploy military equipment and personnel to support Saudi Arabia following recent attacks on its oil facilities.
In the Asian session, at GMT0300, the pair is trading at 56.12, with oil trading 0.36% lower against the USD from yesterday’s close.
The pair is expected to find support at 55.41, and a fall through could take it to the next support level of 54.69. The pair is expected to find its first resistance at 56.82, and a rise through could take it to the next resistance level of 57.55.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
