Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.8% against the USD and closed at USD45.70 per barrel, mounting speculation that major crude oil producers could forge an agreement to freeze their output.
In the Asian session, at GMT0300, the pair is trading at 45.93, with the oil trading 0.5% higher from yesterday’s close.
The pair is expected to find support at 44.84, and a fall through could take it to the next support level of 43.75. The pair is expected to find its first resistance at 46.61, and a rise through could take it to the next resistance level of 47.29.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
