For the 24 hours to 23:00 GMT, Crude Oil rose 0.17% against the USD and closed at USD58.19 per barrel, ahead of the signing of Phase 1 US-China trade deal. Meanwhile, the American Petroleum Institute (API) reported that US crude oil inventories rose by 1.1 million barrels to 431.4 million barrels in the week ended 10 January 2020.
In the Asian session, at GMT0400, the pair is trading at 58.07, with oil trading 0.21% lower against the USD from yesterday’s close, amid fears that the US-China trade deal might not boost demand for the commodity.
The pair is expected to find support at 57.62, and a fall through could take it to the next support level of 57.17. The pair is expected to find its first resistance at 58.62, and a rise through could take it to the next resistance level of 59.17.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
