For the 24 hours to 23:00 GMT, Crude Oil rose 0.56% against the USD and closed at USD60.54 per barrel, amid hopes that the US-China ‘phase one’ trade deal would boost demand for oil in 2020.
In the Asian session, at GMT0400, the pair is trading at 60.52, with oil trading a tad lower against the USD from yesterday’s close, after the American Petroleum Institute (API) reported that US crude oil inventories increased by 4.7 million barrels to 452.0 million barrels in the week ended 13 December 2019.
The pair is expected to find support at 60.01, and a fall through could take it to the next support level of 59.51. The pair is expected to find its first resistance at 61.04, and a rise through could take it to the next resistance level of 61.57.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
