For the 24 hours to 23:00 GMT, Crude Oil rose 0.82% against the USD and closed at USD40.65 per barrel, as optimism over the development of a potential coronavirus vaccine offset concerns over energy demand.
In the Asian session, at GMT0300, the pair is trading at 40.87, with oil trading 0.54% higher against the USD from yesterday’s close.
The pair is expected to find support at 40.16, and a fall through could take it to the next support level of 39.46. The pair is expected to find its first resistance at 41.24, and a rise through could take it to the next resistance level of 41.62.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.