For the 24 hours to 23:00 GMT, Crude Oil rose 0.91% against the USD and closed at USD47.81 per barrel, after oil ministers of Iraq and Algeria stated that they support deal to extend crude production cuts until the end of 2017.
In the Asian session, at GMT0300, the pair is trading at 47.88, with the oil trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 47.48, and a fall through could take it to the next support level of 47.08. The pair is expected to find its first resistance at 48.25, and a rise through could take it to the next resistance level of 48.62.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.