For the 24 hours to 23:00 GMT, Crude Oil rose 0.22% against the USD and closed at USD53.88 per barrel, buoyed by OPEC production cuts.
In the Asian session, at GMT0400, the pair is trading at 53.47, with oil trading 0.76% lower against the USD from yesterday’s close, as concerns about global economic growth sparked fears over future demand.
The pair is expected to find support at 53.16, and a fall through could take it to the next support level of 52.85. The pair is expected to find its first resistance at 54.01, and a rise through could take it to the next resistance level of 54.55.
Crude oil is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.