Analysis | Commodity Market Commentaries |
Written by GCI Financial |
Tue Jan 10 17 02:27 ET
For the 24 hours to 23:00 GMT, Crude Oil declined 3.53% against the USD and closed at USD51.89 per barrel, amid fears that growing US crude production and record Iraqi crude exports would weigh on the oil market and undermine efforts by OPEC to curb production.
In the Asian session, at GMT0400, the pair is trading at 52.12, with the oil trading 0.44% higher from yesterday's close.
The pair is expected to find support at 51.32, and a fall through could take it to the next support level of 50.51. The pair is expected to find its first resistance at 53.37, and a rise through could take it to the next resistance level of 54.61.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
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