For the 24 hours to 23:00 GMT, Crude Oil rose 2.69% against the USD and closed at USD57.25 per barrel, boosted by a move by Saudi Arabia’s Crown Prince, Mohammad bin Salman, to consolidate his power over the Kingdom.
In the Asian session, at GMT0400, the pair is trading at USD57.36 per barrel, with Crude Oil trading 0.19% higher from yesterday’s close.
The pair is expected to find support at 56.14, and a fall through could take it to the next support level of 54.92. The pair is expected to find its first resistance at 58.09, and a rise through could take it to the next resistance level of 58.82.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.