Crude Oil Movement
Crude Oil prices surged 4.92% against the USD for the 24-hour period ending 23:00GMT, closing at 38.18, reversing its previous session losses, on speculation that the world’s top oil producers would soon agree to an output freeze and help reduce the persistent global supply glut.
Separately, the Energy Information Administration (EIA) reported that US crude inventories rose by 3.9 million barrels to 521.9 million barrels in the week ended 04 March.
In the Asian session, at GMT0400, the pair is trading at 38.21, with the oil trading 0.08% higher from yesterday’s close.
The pair is expected to find support at 36.96, and a fall through could take it to the next support level of 35.70. The pair is expected to find its first resistance at 38.99, and a rise through could take it to the next resistance level of 39.76.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
