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 1.59% against the USD and closed at USD51.76 per barrel, reversing its previous session losses.

In the Asian session, at GMT0300, the pair is trading at 52.82, with the oil trading 2.05% higher from yesterday’s close, after the US President, Donald Trump ordered the first direct American military action against the regime of Syrian President, Bashar al-Assad, by launching missiles at a Syrian government airbase.

The pair is expected to find support at 51.44, and a fall through could take it to the next support level of 50.06. The pair is expected to find its first resistance at 53.57, and a rise through could take it to the next resistance level of 54.32.

Crude oil is trading above its 20 Hr and 50 Hr moving averages.

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