Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil climbed 3.99% against the USD and closed at USD51.11 per barrel, as investors continued to cheer on a deal of OPEC and Russia to curb production in an attempt to reduce the global supply glut more quickly.
In the Asian session, at GMT0400, the pair is trading at 50.92, with the oil trading 0.37% lower from yesterday’s close.
The pair is expected to find support at 49.39, and a fall through could take it to the next support level of 47.87. The pair is expected to find its first resistance at 52.12, and a rise through could take it to the next resistance level of 53.33.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
