For the 24 hours to 23:00 GMT, Crude Oil declined 0.15% against the USD and closed at USD58.10 per barrel, after the Organisation of Petroleum Exporting Countries report indicated that it expects reduction in demand for its oil in 2020. Meanwhile, the Energy Information Administration (EIA) report indicated that US crude oil stockpiles fell by 2.5 million barrels to 428.5 million in the week ended 10 January 2020.
In the Asian session, at GMT0400, the pair is trading at 58.19, with oil trading 0.15% higher against the USD from yesterday’s close.
The pair is expected to find support at 57.58, and a fall through could take it to the next support level of 56.97. The pair is expected to find its first resistance at 58.58, and a rise through could take it to the next resistance level of 58.97.
Crude oil is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.