Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 5.29% against the USD and closed at USD59.79 per barrel, as tensions between the US and Iran faded and after the Energy Information Administration (EIA) report indicated that US crude oil stockpiles rose by 1.2 million barrels to 431.1 million for the week ended 03 January 2020.
In the Asian session, at GMT0400, the pair is trading at 60.08, with oil trading 0.49% higher against the USD from yesterday’s close.
The pair is expected to find support at 58.26, and a fall through could take it to the next support level of 56.44. The pair is expected to find its first resistance at 62.79, and a rise through could take it to the next resistance level of 65.50.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
