Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.26% against the USD and closed at USD57.51 per barrel, amid fears over the outlook for demand.
In the Asian session, at GMT0300, the pair is trading at 57.44, with oil trading 0.12% lower against the USD from yesterday’s close.
The pair is expected to find support at 57.01, and a fall through could take it to the next support level of 56.57. The pair is expected to find its first resistance at 58.17, and a rise through could take it to the next resistance level of 58.89.
Crude oil is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
