Crude Oil Movement
Crude Oil prices advanced 4.45% against the USD for the 24-hour period ending 23:00GMT, closing at 38.49, erasing its previous two session losses, after the Qatari oil minister, Mohammed Bin Saleh Al-Sada, confirmed plans of a meeting between the world’s top oil producers in Qatar next month to discuss production freeze.
Oil prices further gained ground, following a less than expected rise in US crude stockpiles. The Energy Information Administration (EIA) reported that US crude inventories rose by 1.3 million barrels to 523.2 million barrels in the week ended 11 March, while investors had expected it to increase by 3.4 million barrels.
In the Asian session, at GMT0400, the pair is trading at 39.11, with the oil trading 1.61% higher from yesterday’s close.
The pair is expected to find support at 37.35, and a fall through could take it to the next support level of 35.60. The pair is expected to find its first resistance at 40.12, and a rise through could take it to the next resistance level of 41.14.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
