Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.79% against the USD and closed at USD52.88 per barrel, as signs of a strong recovery in US drilling largely outweighed news that OPEC and non-OPEC producers were on track to meet output reduction goals.
In the Asian session, at GMT0400, the pair is trading at 53.01, with the oil trading 0.25% higher from yesterday’s close.
The pair is expected to find support at 52.37, and a fall through could take it to the next support level of 51.73. The pair is expected to find its first resistance at 53.49, and a rise through could take it to the next resistance level of 53.97.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
