Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 6.06% against the USD and closed at USD54.39 per barrel, as US President Donald Trump decided to impose new tariffs on Chinese goods.
In the Asian session, at GMT0300, the pair is trading at 55.08, with oil trading 1.27% higher against the USD from yesterday’s close.
The pair is expected to find support at 53.12, and a fall through could take it to the next support level of 51.15. The pair is expected to find its first resistance at 57.52, and a rise through could take it to the next resistance level of 59.95.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.