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.
Crude oil is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.