For the 24 hours to 23:00 GMT, Crude Oil declined 4.61% against the USD and closed at USD55.42 per barrel on Friday, amid uncertainty over the Organisation of Petroleum Exporting Countries (OPEC) oil production extension cuts.
In the Asian session, at GMT0400, the pair is trading at 56.08, with oil trading 1.19% higher against the USD from Friday’s close, amid hopes that the OPEC might deepen output cuts at its meeting this week.
The pair is expected to find support at 54.6767, and a fall through could take it to the next support level of 53.2733. The pair is expected to find its first resistance at 57.8267, and a rise through could take it to the next resistance level of 59.5733.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
