Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.39% against the USD and closed at USD58.58 per barrel, after OPEC’s monthly report revealed a slowdown in crude output cuts by the members and delay in US-China trade discussions.
In the Asian session, at GMT0400, the pair is trading at 58.59, with oil trading a tad higher against the USD from yesterday’s close.
The pair is expected to find support at 58.15, and a fall through could take it to the next support level of 57.70. The pair is expected to find its first resistance at 58.89, and a rise through could take it to the next resistance level of 59.18.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.