For the 24 hours to 23:00 GMT, Crude Oil rose 0.27% against the USD and closed at USD60.41 per barrel, as unrest in Iran, OPEC’s third largest member, reignited concerns about disruptions to the nation’s oil production.
In the Asian session, at GMT0400, the pair is trading at 60.36, with oil trading 0.08% lower against the USD from yesterday’s close.
The pair is expected to find support at 60.06, and a fall through could take it to the next support level of 59.76. The pair is expected to find its first resistance at 60.7, and a rise through could take it to the next resistance level of 61.04.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.