Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 1.12% against the USD and closed at USD53.18 per barrel, on US-China trade war truce and after the Russian President, Vladimir Putin and Saudi Crown Prince, Mohammed Bin Salman, agreed to extend output cuts.

In the Asian session, at GMT0400, the pair is trading at 53.57, with oil trading 0.73% higher against the USD from yesterday’s close.

The pair is expected to find support at 52.48, and a fall through could take it to the next support level of 51.39. The pair is expected to find its first resistance at 54.22, and a rise through could take it to the next resistance level of 54.88.

Crude oil is trading above its 20 Hr and 50 Hr moving averages.

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