Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.27% against the USD and closed at USD54.33 per barrel, after the Organization of Petroleum Exporting Countries (OPEC) Secretary-General, Mohammad Barkindo, stated that the group intends to achieve full compliance with a deal to trim output.
In the Asian session, at GMT0400, the pair is trading at 54.50, with the oil trading 0.31% higher from yesterday’s close.
The pair is expected to find support at 53.78, and a fall through could take it to the next support level of 53.07. The pair is expected to find its first resistance at 55.12, and a rise through could take it to the next resistance level of 55.75.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
