For the 24 hours to 23:00 GMT, Crude Oil rose 2.71% against the USD and closed at USD61.86 per barrel, after attacks on key Saudi Arabian oil facilities halved the country’s production and fuelled fears of retaliation in the Middle East.
In the Asian session, at GMT0300, the pair is trading at 62.02, with oil trading 0.26% higher against the USD from yesterday’s close.
The pair is expected to find support at 59.40, and a fall through could take it to the next support level of 56.78. The pair is expected to find its first resistance at 64.01, and a rise through could take it to the next resistance level of 66.00.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.