For the 24 hours to 23:00 GMT, Crude Oil declined 0.46% against the USD and closed at USD58.82 per barrel, despite geopolitical tensions in Libya and Iraq.
In the Asian session, at GMT0400, the pair is trading at 58.36, with oil trading 0.78% lower against the USD from yesterday’s close, as investors shrugged off concerns over oil production halt in Libya and Iraq.
The pair is expected to find support at 58.07, and a fall through could take it to the next support level of 57.79. The pair is expected to find its first resistance at 58.93, and a rise through could take it to the next resistance level of 59.51.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.