For the 24 hours to 23:00 GMT, Crude Oil rose 1.02% against the USD and closed at USD59.45 per barrel, after the Organisation of the Petroleum Exporting Countries (OPEC) forecasted a supply deficit next year.
In the Asian session, at GMT0400, the pair is trading at 59.54, with oil trading 0.15% higher against the USD from yesterday’s close, amid news that the US and Chinese negotiators agreed to an initial ‘phase one’ trade deal.
The pair is expected to find support at 58.95, and a fall through could take it to the next support level of 58.37. The pair is expected to find its first resistance at 59.92, and a rise through could take it to the next resistance level of 60.31.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.