For the 24 hours to 23:00 GMT, Crude Oil rose 1.45% against the USD and closed at USD50.28 per barrel, after Kuwait supported an extension of OPEC production cuts beyond June in an attempt to reduce global oversupply.
In the Asian session, at GMT0300, the pair is trading at 50.17, with the oil trading 0.22% lower against the USD from yesterday’s close.
The pair is expected to find support at 49.47, and a fall through could take it to the next support level of 48.77. The pair is expected to find its first resistance at 50.67, and a rise through could take it to the next resistance level of 51.17.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.