Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.60% against the USD and closed at USD60.20 per barrel, amid positive developments in the US-China trade deal. Meanwhile, the Energy Information Administration (EIA) projected that crude-oil output from seven major US shale plays would rise by 30,000 barrels per day to 9.135 million barrels per day in January 2020.
In the Asian session, at GMT0400, the pair is trading at 60.18, with oil trading a tad lower against the USD from yesterday’s close.
The pair is expected to find support at 59.88, and a fall through could take it to the next support level of 59.58. The pair is expected to find its first resistance at 60.41, and a rise through could take it to the next resistance level of 60.64.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
