Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil jumped 5.09% against the USD and closed at USD48.49 per barrel, boosted by rising conviction that major oil producers would come to an agreement to curb output at a meeting next week.
Additionally, Russian President, Vladimir Putin, voiced confidence that a deal to freeze production will be reached later this month, thus giving a further boost to prices.
In the Asian session, at GMT0400, the pair is trading at 48.73, with the oil trading 0.49% higher from yesterday’s close.
The pair is expected to find support at 46.96, and a fall through could take it to the next support level of 45.20. The pair is expected to find its first resistance at 49.65, and a rise through could take it to the next resistance level of 50.58.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
