HomeContributorsFundamental AnalysisCrude Oil: Oil Trading Lower In The Asian Session

Crude Oil: Oil Trading Lower In The Asian Session

For the 24 hours to 23:00 GMT, Crude Oil declined 0.62% against the USD and closed at USD57.95 per barrel on Friday, amid mounting concerns over US-China trade talks. Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs dropped by 3 to 671 in the week ended 22 November 2019.

In the Asian session, at GMT0400, the pair is trading at 57.89, with oil trading 0.10% lower against the USD from Friday’s close.

The pair is expected to find support at 57.35, and a fall through could take it to the next support level of 56.80. The pair is expected to find its first resistance at 58.59, and a rise through could take it to the next resistance level of 59.28.

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

GCI Financial
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