Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 3.07% against the USD and closed at USD52.10 per barrel, buoyed by growing demand and as Turkey threatened to close a pipeline that carries Kurdish oil exports through its territory.
In the Asian session, at GMT0300, the pair is trading at 52.23, with the oil trading 0.25% higher against the USD from yesterday’s close.
The pair is expected to find support at 50.99, and a fall through could take it to the next support level of 49.74. The pair is expected to find its first resistance at 52.88, and a rise through could take it to the next resistance level of 53.52.
Crude oil is trading above its 20 Hr and 50 Hr moving average.
