Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.39% against the USD and closed at USD56.11 per barrel, on optimism that US-China trade tensions would ease and on hopes that major economies would implement stimulus measures to contain global economic slowdown.
In the Asian session, at GMT0300, the pair is trading at 56.25, with oil trading 0.25% higher against the USD from yesterday’s close.
The pair is expected to find support at 55.28, and a fall through could take it to the next support level of 54.30. The pair is expected to find its first resistance at 56.82, and a rise through could take it to the next resistance level of 57.38.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.