For the 24 hours to 23:00 GMT, Crude Oil rose 0.62% against the USD and closed at USD40.63 per barrel, amid news that Saudi Arabia has decided to raise the premium of its benchmark grade crude, and all other grades, by $1 per barrel and amid optimism over China’s economic recovery.
In the Asian session, at GMT0300, the pair is trading at 40.41, with oil trading 0.54% lower against the USD from yesterday’s close, on demand concerns.
The pair is expected to find support at 40.01, and a fall through could take it to the next support level of 39.62. The pair is expected to find its first resistance at 40.94, and a rise through could take it to the next resistance level of 41.48.
Crude oil is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.