Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil retreated 0.27% against the USD and closed at USD51.05 per barrel, after rising to a sixteen-month high following last week’s stunning decision of the Organisation of the Petroleum Exporting Countries to curb the global supply glut.
In the Asian session, at GMT0400, the pair is trading at 51.32, with the oil trading 0.53% higher from yesterday’s close.
The pair is expected to find support at 50.69, and a fall through could take it to the next support level of 50.05. The pair is expected to find its first resistance at 52.19, and a rise through could take it to the next resistance level of 53.05.
Crude oil is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.
