For the 24 hours to 23:00 GMT, Crude Oil rose 1.90% against the USD and closed at USD52.11 per barrel, after an attack on two oil tankers in the Gulf of Oman reignited worries about an impact to flows from the Middle East.
In the Asian session, at GMT0300, the pair is trading at 52.40, with oil trading 0.56% higher against the USD from yesterday’s close.
The pair is expected to find support at 51.06, and a fall through could take it to the next support level of 49.73. The pair is expected to find its first resistance at 53.59, and a rise through could take it to the next resistance level of 54.79.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.