Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.72% against the USD and closed at USD54.05 per barrel, amid renewed concerns over global economic growth.
In the Asian session, at GMT0400, the pair is trading at 53.74, with oil trading 0.57% lower against the USD from yesterday’s close.
The pair is expected to find support at 53.08, and a fall through could take it to the next support level of 52.41. The pair is expected to find its first resistance at 54.89, and a rise through could take it to the next resistance level of 56.03.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.