For the 24 hours to 23:00 GMT, Crude Oil rose 0.44% against the USD and closed at USD52.73 per barrel, amid possibilities of decline in oil output to curb global oil inventories.
In the Asian session, at GMT0300, the pair is trading at 52.62, with oil trading 0.21% lower against the USD from yesterday’s close.
The pair is expected to find support at 52.02, and a fall through could take it to the next support level of 51.42. The pair is expected to find its first resistance at 53.14, and a rise through could take it to the next resistance level of 53.66.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
