Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.88% against the USD and closed at USD58.30 per barrel, amid worries over rising global supplies and a potential slowdown in the global economy.
In the Asian session, at GMT0400, the pair is trading at 58.12, with oil trading 0.31% lower against the USD from yesterday’s close.
The pair is expected to find support at 57.63, and a fall through could take it to the next support level of 57.13. The pair is expected to find its first resistance at 58.70, and a rise through could take it to the next resistance level of 59.27.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
