Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil declined 0.35% against the USD and closed at USD57.16 per barrel, as concerns about rising US crude production offset support from the Forties pipeline shutdown in the North Sea.
In the Asian session, at GMT0400, the pair is trading at 57.26, with crude oil trading 0.17% higher from yesterday’s close.
The pair is expected to find support at 56.7933, and a fall through could take it to the next support level of 56.3267. The pair is expected to find its first resistance at 57.7533, and a rise through could take it to the next resistance level of 58.2467.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
