For the 24 hours to 23:00 GMT, Crude Oil declined 1.44% against the USD and closed at USD53.98 per barrel, after China imposed a 5% tariff on all imports of US crude oil.
In the Asian session, at GMT0300, the pair is trading at 54.18, with oil trading 0.37% higher against the USD from yesterday’s close.
The pair is expected to find support at 53.01, and a fall through could take it to the next support level of 51.83. The pair is expected to find its first resistance at 55.19, and a rise through could take it to the next resistance level of 56.19.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
