Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.19% against the USD and closed at USD26.72 per barrel, after a meeting between Saudi Arabia and Russia on oil production cuts was delayed.
In the Asian session, at GMT0300, the pair is trading at 26.90, with oil trading 0.67% higher against the USD from yesterday’s close.
The pair is expected to find support at 25.79, and a fall through could take it to the next support level of 24.69. The pair is expected to find its first resistance at 28.12, and a rise through could take it to the next resistance level of 29.35.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
