Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.27% against the USD and closed at USD62.51 per barrel, driven by escalating geopolitical tensions in the Middle East.
In the Asian session, at GMT0400, the pair is trading at 62.29, with oil trading 0.35% lower against the USD from yesterday’s close.
The pair is expected to find support at 61.97, and a fall through could take it to the next support level of 61.64. The pair is expected to find its first resistance at 62.68, and a rise through could take it to the next resistance level of 63.06.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
