For the 24 hours to 23:00 GMT, Crude Oil declined 1.25% against the USD and closed at USD49.74 per barrel, on weak Chinese demand for oil and speculations that the OPEC and its allies are unlikely to immediately deliver production cuts.
In the Asian session, at GMT0400, the pair is trading at 50.13, with oil trading 0.78% higher against the USD from yesterday’s close.
The pair is expected to find support at 49.55, and a fall through could take it to the next support level of 48.96. The pair is expected to find its first resistance at 50.59, and a rise through could take it to the next resistance level of 51.04.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
