Fri, May 07, 2021 @ 14:11 GMT
Home Contributors Fundamental Analysis Crude Oil: Oil Reverses Its Gains In The Asian Session

Crude Oil: Oil Reverses Its Gains In The Asian Session

For the 24 hours to 23:00 GMT, Crude Oil rose 1.27% against the USD and closed at USD57.61 per barrel on Friday, amid escalating tensions in the Middle East.

In the Asian session, at GMT0300, the pair is trading at 57.56, with oil trading 0.09% lower against the USD from Friday’s close.

The pair is expected to find support at 56.63, and a fall through could take it to the next support level of 55.69. The pair is expected to find its first resistance at 58.16, and a rise through could take it to the next resistance level of 58.75.

Crude oil is trading above its 20 Hr and 50 Hr moving averages.

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