Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil prices advanced 6.60% against the USD, closing at 47.65.
Yesterday, OPEC’s bulletin claimed that the oil cartel “stands ready to talk to all producers,” in order to stabilize a volatile energy market. A downward revision of US output data by the EIA also pushed the oil prices upwards.
In the Asian session, at GMT0300, the pair is trading at 47.82, with crude oil prices trading 0.36% higher from yesterday’s close.
The pair is expected to find support at 44.50, and a fall through could take it to the next support level of 41.18. The pair is expected to find its first resistance at 50.23, and a rise through could take it to the next resistance level of 52.64.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
