Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.42% against the USD and closed at USD53.02 per barrel, after Saudi’s Energy Minister, Khalid Al‐Falih stated that Saudi Arabia has reduced its oil production to less than 10 million barrels a day, below its targeted level, and will consider renewing its pledge to cut crude output in six months.
In the Asian session, at GMT0400, the pair is trading at 53.10, with the oil trading 0.15% higher from yesterday’s close.
The pair is expected to find support at 52.31, and a fall through could take it to the next support level of 51.53. The pair is expected to find its first resistance at 53.69, and a rise through could take it to the next resistance level of 54.29.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
