For the 24 hours to 23:00 GMT, Crude Oil rose 1.91% against the USD and closed at USD57.19 per barrel, after trade talks between the US and China resumed, renewing hopes for a near-term deal and expectations of rate cut by the US Federal Reserve in its upcoming policy meeting.
In the Asian session, at GMT0300, the pair is trading at 57.18, with oil trading marginally lower against the USD from yesterday’s close.
The pair is expected to find support at 56.24, and a fall through could take it to the next support level of 55.31. The pair is expected to find its first resistance at 57.68, and a rise through could take it to the next resistance level of 58.19.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
This entry was posted in Crude Oil. Bookmark the permalink.
