For the 24 hours to 23:00 GMT, Crude Oil rose 0.15% against the USD and closed at USD52.12 per barrel, after OPEC’s oil output fell by 751,000bls per day to 31.6mn bls per day in December.
In the Asian session, at GMT0400, the pair is trading at 52.62, with oil trading 0.96% higher against the USD from yesterday’s close.
The pair is expected to find support at 51.48, and a fall through could take it to the next support level of 50.33. The pair is expected to find its first resistance at 53.27, and a rise through could take it to the next resistance level of 53.91 .
Crude oil is trading above its 20 Hr and 50 Hr moving averages.