Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.96% against the USD and closed at USD56.61 per barrel, amid renewed supply concerns after a major Nigerian oil union threatened to launch a nationwide strike.
In the Asian session, at GMT0400, the pair is trading at 56.67, with oil trading 0.11% higher against the USD from yesterday’s close.
The pair is expected to find support at 56.07, and a fall through could take it to the next support level of 55.46. The pair is expected to find its first resistance at 57.03, and a rise through could take it to the next resistance level of 57.38.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
