Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.44% against the USD and closed at USD52.73 per barrel, amid reports that Saudi Arabia and other OPEC members are exploring ways to halt the decline in oil prices amid increasing concerns of the Sino-US trade war.
In the Asian session, at GMT0300, the pair is trading at 52.62, with oil trading 0.21% lower against the USD from yesterday’s close.
The pair is expected to find support at 52.02, and a fall through could take it to the next support level of 51.42. The pair is expected to find its first resistance at 53.14, and a rise through could take it to the next resistance level of 53.66.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.