Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.61% against the USD and closed at USD56.39 per barrel, amid OPEC-led output cuts.
In the Asian session, at GMT0400, the pair is trading at 56.32, with oil trading 0.12% lower against the USD from yesterday’s close, on the back of weak demand growth outlook.
The pair is expected to find support at 55.75, and a fall through could take it to the next support level of 55.19. The pair is expected to find its first resistance at 56.94, and a rise through could take it to the next resistance level of 57.57.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
