For the 24 hours to 23:00 GMT, Crude Oil rose 0.91% against the USD and closed at USD58.63 per barrel, as news of the Senate approval of the US-Mexico-Canada trade agreement along with the signing of the US-China phase one trade deal buoyed optimism that energy demand will grow in 2020.
In the Asian session, at GMT0400, the pair is trading at 58.51, with oil trading 0.20% lower against the USD from yesterday’s close.
The pair is expected to find support at 57.76, and a fall through could take it to the next support level of 57.00. The pair is expected to find its first resistance at 59.07, and a rise through could take it to the next resistance level of 59.62.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.