Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.38% against the USD and closed at USD47.79 per barrel, after the plan of Organization of the Petroleum Exporting Countries (OPEC) to scale back production lifted investor sentiment.
In the Asian session, at GMT0300, the pair is trading at 47.58, with the oil trading 0.44% lower from yesterday’s close.
The pair is expected to find support at 46.68, and a fall through could take it to the next support level of 45.78. The pair is expected to find its first resistance at 48.4, and a rise through could take it to the next resistance level of 49.22.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
