For the 24 hours to 23:00 GMT, Crude Oil declined 0.97% against the USD and closed at USD59.37 per barrel, after oil production in the Gulf of Mexico restarted, after Hurricane Barry swept through over the weekend.
In the Asian session, at GMT0300, the pair is trading at 59.51, with oil trading 0.24% higher against the USD from yesterday’s close.
The pair is expected to find support at 58.82, and a fall through could take it to the next support level of 58.13. The pair is expected to find its first resistance at 60.56, and a rise through could take it to the next resistance level of 61.61.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.