Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil rose 2.31% against the USD and closed at 30.57, rebounding from its previous losses, on hopes that the OPEC and non-OPEC members may cut crude production amid falling oil prices.
Separately, the American Petroleum Institute (API) disclosed that US oil inventories expanded by 11.4 million barrels last week.
In the Asian session, at GMT0400, the pair is trading at 30.59, with the oil trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 29.09, and a fall through could take it to the next support level of 27.59. The pair is expected to find its first resistance at 32.25, and a rise through could take it to the next resistance level of 33.91.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
