Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 2.27% against the USD and closed at 42.86, amid renewed speculation that Organization of the Petroleum Exporting Countries (OPEC) would try to curb output.
In the Asian session, at GMT0300, the pair is trading at 42.78, with the oil trading 0.19% lower from yesterday’s close.
The pair is expected to find support at 41.93, and a fall through could take it to the next support level of 41.08. The pair is expected to find its first resistance at 43.51, and a rise through could take it to the next resistance level of 44.24.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
