Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.83% against the USD and closed at USD49.65 per barrel, as bullish comments of top officials from Gulf-OPEC countries and Saudi Arabia renewed hopes for a crude output deal among major producers.
Saudi Arabia and its Gulf OPEC producer allies agreed to cut their peak crude production by 4.0%.
In the Asian session, at GMT0300, the pair is trading at 49.74, with the oil trading 0.18% higher from yesterday’s close.
The pair is expected to find support at 49.14, and a fall through could take it to the next support level of 48.54. The pair is expected to find its first resistance at 50.2, and a rise through could take it to the next resistance level of 50.66.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
