Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.07% against the USD and closed at USD 47.34 per barrel, as the US-Iran military tensions in the Gulf helped shore up oil prices.
In the Asian session, at GMT0300, the pair is trading at 47.25, with the oil trading 0.19% lower from yesterday’s close, amid fresh doubts about a potential OPEC output freeze as the Saudi Arabian Energy Minister, Khalid Al-Falih, stated that significant intervention in the market is not necessary.
The pair is expected to find support at 46.63, and a fall through could take it to the next support level of 46.00. The pair is expected to find its first resistance at 47.67, and a rise through could take it to the next resistance level of 48.08.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
