For the 24 hours to 23:00 GMT, Crude Oil declined 0.46% against the USD and closed at USD40.83 per barrel, after the Organisation of the Petroleum Exporting Countries and its allies agreed to trim supply curbs and as coronavirus infections continued to rise in the US.
In the Asian session, at GMT0300, the pair is trading at 40.8, with oil trading 0.07% lower against the USD from yesterday’s close.
The pair is expected to find support at 40.49, and a fall through could take it to the next support level of 40.17. The pair is expected to find its first resistance at 41.15, and a rise through could take it to the next resistance level of 41.49.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.