Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.47% against the USD and closed at USD53.42 per barrel, amid persistent worries over the impact of global economic slowdown on crude oil demand.
In the Asian session, at GMT0300, the pair is trading at 53.38, with oil trading 0.07% lower against the USD from yesterday’s close.
The pair is expected to find support at 52.72, and a fall through could take it to the next support level of 52.05. The pair is expected to find its first resistance at 54.04, and a rise through could take it to the next resistance level of 54.69.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
