Crude Oil Movement
Crude Oil prices advanced 1.88% against the USD for the 24-hour period ending 23:00GMT, closing at USD 45.03 per barrel, after world’s top oil producers Saudi Arabia and Russia agreed to co-operate on stabilising the oil market, fuelling hopes of an output freeze.
In the Asian session, at GMT0300, the pair is trading at 45.3, with the oil trading 0.6% higher from yesterday’s close.
The pair is expected to find support at 44.07, and a fall through could take it to the next support level of 42.84. The pair is expected to find its first resistance at 46.53, and a rise through could take it to the next resistance level of 47.76.
Crude oil is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
