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.

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Crude oil is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.

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