Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.82% against the USD and closed at USD46.92 per barrel, after oscillating between gains and losses, as investors grappled with shaky prospect of major oil producers being able to agree on output deal at a meeting on Wednesday.
In the Asian session, at GMT0400, the pair is trading at 46.78, with the oil trading 0.3% lower from yesterday’s close.
The pair is expected to find support at 45.54, and a fall through could take it to the next support level of 44.31. The pair is expected to find its first resistance at 47.83, and a rise through could take it to the next resistance level of 48.89.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
