Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.06% against the USD and closed at USD49.28 per barrel, after Russia indicated that it can boost oil output to its highest level in 30 years, if OPEC fails to extend crude production cuts beyond June.
In the Asian session, at GMT0300, the pair is trading at 49.46, with the oil trading 0.37% higher against the USD from yesterday’s close.
The pair is expected to find support at 48.92, and a fall through could take it to the next support level of 48.38. The pair is expected to find its first resistance at 50.11, and a rise through could take it to the next resistance level of 50.76.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
