For the 24 hours to 23:00 GMT, Crude Oil rose 1.15% against the USD and closed at USD57.04 per barrel, after the US and China agreed to suspend existing tariffs if they reached a partial trade deal.

In the Asian session, at GMT0400, the pair is trading at 56.96, with oil trading 0.14% lower against the USD from yesterday’s close.

The pair is expected to find support at 56.19, and a fall through could take it to the next support level of 55.43. The pair is expected to find its first resistance at 57.80, and a rise through could take it to the next resistance level of 58.65.

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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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