For the 24 hours to 23:00 GMT, Crude Oil rose 0.48% against the USD and closed at USD56.45 per barrel, after OPEC’s output declined by 60,000 barrels a day to 30.8 million barrels a day, marking its four-year low level in February.
In the Asian session, at GMT0400, the pair is trading at 56.33, with oil trading 0.21% lower against the USD from yesterday’s close.
The pair is expected to find support at 55.99, and a fall through could take it to the next support level of 55.66. The pair is expected to find its first resistance at 56.83, and a rise through could take it to the next resistance level of 57.32.
Crude oil is trading below its 20 Hr moving average and showing convergence its 50 Hr moving average.