For the 24 hours to 23:00 GMT, Crude Oil declined 0.36% against the USD and closed at USD54.77 per barrel, as new tariffs imposed by China and the US raised concerns over global economic growth and demand for oil.
In the Asian session, at GMT0300, the pair is trading at 54.87, with oil trading 0.18% higher against the USD from yesterday’s close.
The pair is expected to find support at 54.39, and a fall through could take it to the next support level of 53.92. The pair is expected to find its first resistance at 55.29, and a rise through could take it to the next resistance level of 55.72.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.