Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil rose 6.22% against the USD and closed at 31.61, as the European Central (ECB) signalled that it would undertake more stimulus measures to lift the regional economy. Additionally, freezing weather on the US east coast triggered demand for oil for heating.
In the Asian session, at GMT0400, the pair is trading at 32.32, with the oil trading 2.25% higher from Friday’s close.
The pair is expected to find support at 30.42, and a fall through could take it to the next support level of 28.52. The pair is expected to find its first resistance at 33.33, and a rise through could take it to the next resistance level of 34.34.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
