Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 11.98% against the USD and closed at 33.19, after the International Energy Agency’s (IEA) projection of US shale oil production to fall sharply in this and next year, escalated hopes of easing the persistent global supply glut.
In the Asian session, at GMT0400, the pair is trading at 32.88, with the oil trading 0.93% lower from yesterday’s close.
The pair is expected to find support at 30.69, and a fall through could take it to the next support level of 28.50. The pair is expected to find its first resistance at 34.46, and a rise through could take it to the next resistance level of 36.03.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
