Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.63% against the USD and closed at USD56.10 per barrel, amid prospects of deeper production cuts by the Organization of the Petroleum Exporting Countries and other oil producers.
In the Asian session, at GMT0300, the pair is trading at 55.93, with oil trading 0.30% lower against the USD from yesterday’s close, as concerns over global economic growth fuelled worries about crude demand.
The pair is expected to find support at 55.39, and a fall through could take it to the next support level of 54.85. The pair is expected to find its first resistance at 56.49, and a rise through could take it to the next resistance level of 57.05.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
