Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.48% against the USD and closed at USD53.34 per barrel, amid a possible delay in OPEC and its allies led output cuts.
In the Asian session, at GMT0300, the pair is trading at 53.48, with oil trading 0.26% higher against the USD from yesterday’s close.
The pair is expected to find support at 52.84, and a fall through could take it to the next support level of 52.19. The pair is expected to find its first resistance at 54.34, and a rise through could take it to the next resistance level of 55.19.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.