For the 24 hours to 23:00 GMT, Crude Oil rose 0.52% against the USD and closed at USD48.08 per barrel, amid speculations that a deal between the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC members to limit oil output could be extended beyond March 2018.
In the Asian session, at GMT0300, the pair is trading at 48.05, with the oil trading 0.06% lower against the USD from yesterday’s close.
The pair is expected to find support at 47.28, and a fall through could take it to the next support level of 46.50. The pair is expected to find its first resistance at 48.55, and a rise through could take it to the next resistance level of 49.04.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.