Crude Oil Movement
Crude Oil prices advanced 8.09% against the USD for the 24 hour period ending 23:00GMT, closing at 42.50 and notching the biggest one-day climb in 6 years, as upbeat economic data from US and Japan raised the demand outlook of the commodity.
In the Asian session, at GMT0300, the pair is trading at 42.91, with crude oil trading 0.96% higher from yesterday’s close.
The pair is expected to find support at 40.36, and a fall through could take it to the next support level of 37.82. The pair is expected to find its first resistance at 44.45, and a rise through could take it to the next resistance level of 46.00.
Crude oil is trading above with its 20 Hr and 50 Hr moving averages.
