For the 24 hours to 23:00 GMT, Crude Oil rose 0.62% against the USD and closed at USD48.38 per barrel, reversing previous session losses.
However, gains in oil prices were capped, as rising US oil production offset optimism about supply cuts by the Organisation of Petroleum Exporting Countries. Meanwhile, the Energy Information Administration (EIA) forecasted that US shale producers will likely raise oil output by 109,000 barrels a day in April.
In the Asian session, at GMT0400, the pair is trading at 48.42, with the oil trading 0.08% higher against the USD from yesterday’s close.
The pair is expected to find support at 48.03, and a fall through could take it to the next support level of 47.63. The pair is expected to find its first resistance at 48.75, and a rise through could take it to the next resistance level of 49.07.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.