For the 24 hours to 23:00 GMT, Crude Oil rose 8.50 % against the USD and closed at USD33.3 per barrel, amid encouraging results from an experimental COVID-19 vaccine and optimism that resumption in economic activity would revive oil demand.
In the Asian session, at GMT0300, the pair is trading at 32.38, with oil trading 2.76% lower against the USD from yesterday’s close.
The pair is expected to find support at 30.72, and a fall through could take it to the next support level of 29.06. The pair is expected to find its first resistance at 33.74, and a rise through could take it to the next resistance level of 35.10.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.