For the 24 hours to 23:00 GMT, Crude Oil rose 2.64% against the USD and closed at USD50.88 per barrel, amid a pledge from OPEC leader Saudi Arabia to cut its oil exports in November.
In the Asian session, at GMT0300, the pair is trading at 51.04, with the oil trading 0.31% higher against the USD from yesterday’s close.
The pair is expected to find support at 50.02, and a fall through could take it to the next support level of 48.99. The pair is expected to find its first resistance at 51.61, and a rise through could take it to the next resistance level of 52.17.
Crude oil is trading/showing convergence with its 20 Hr and 50 Hr moving average.