For the 24 hours to 23:00 GMT, Crude Oil rose 0.93% against the USD and closed at USD48.76 per barrel, amid optimism over US-China trade talks and on support from OPEC production cuts. Adding to the positive sentiment, a report revealed that Saudi Arabia is planning to reduce its crude exports to around 7.1 million barrels per day (bpd) by the end of January.
In the Asian session, at GMT0400, the pair is trading at 48.61, with oil trading 0.31% lower against the USD from yesterday’s close.
The pair is expected to find support at 48.02, and a fall through could take it to the next support level of 47.42. The pair is expected to find its first resistance at 49.50, and a rise through could take it to the next resistance level of 50.38.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.