Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.71% against the USD and closed at USD50.53 per barrel, underpinned by news of another informal Organization of the Petroleum Exporting Countries (OPEC) meeting on output cuts.
In the Asian session, at GMT0300, the pair is trading at 50.42, with the oil trading 0.22% lower from yesterday’s close.
The pair is expected to find support at 49.62, and a fall through could take it to the next support level of 48.83. The pair is expected to find its first resistance at 50.92, and a rise through could take it to the next resistance level of 51.43.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
