For the 24 hours to 23:00 GMT, Crude Oil rose 1.07% against the USD and closed at USD58.80 per barrel, amid concerns over longer-than-expected supply shortfalls and rising tensions in the Middle East.

In the Asian session, at GMT0300, the pair is trading at 58.79, with oil trading a tad lower against the USD from yesterday’s close.

The pair is expected to find support at 58.02, and a fall through could take it to the next support level of 57.25. The pair is expected to find its first resistance at 59.55, and a rise through could take it to the next resistance level of 60.31.

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Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.

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