For the 24 hours to 23:00 GMT, Crude Oil rose 9.87% against the USD and closed at USD 24.93 per barrel, amid speculation that the US President, Donald Trump, might intervene in the price war between Saudi Arabia and Russia at an “appropriate time.”
In the Asian session, at GMT0400, the pair is trading at 26.14, with oil trading 4.85% higher against the USD from yesterday’s close.
The pair is expected to find support at 22.43, and a fall through could take it to the next support level of 18.72. The pair is expected to find its first resistance at 28.78, and a rise through could take it to the next resistance level of 31.42.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.