Crude Oil: Oil extends its gains in the morning session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.24% against the USD and closed at USD49.57 per barrel, following hawkish comments from the OPEC Secretary General, Mohammad Barkindo.

The OPEC’s Secretary-General stated that talks were underway to extend a deal to freeze production beyond March 2018 and that more oil-producing countries may join the agreement.

In the Asian session, at GMT0300, the pair is trading at 49.64, with the oil trading 0.14% higher against the USD from yesterday’s close, amid signs of market rebalancing and as Hurricane Nate disrupted about 90% of Gulf of Mexico oil production.

The pair is expected to find support at 49.25, and a fall through could take it to the next support level of 48.86. The pair is expected to find its first resistance at 49.91, and a rise through could take it to the next resistance level of 50.18.

Crude oil is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.

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