Crude Oil Movement
Crude Oil prices advanced 4.53% against the USD for the 24 hour period ending 23:00GMT, closing at 51.04, following better than expected initial jobless claims data from the US and also the European Commission’s positive take on the Euro-economy.
In the Asian session, at GMT0400, the pair is trading at 51.09, with the oil trading 0.1% higher from yesterday’s close.
The pair is expected to find support at 48.26, and a fall through could take it to the next support level of 45.44. The pair is expected to find its first resistance at 53.00, and a rise through could take it to the next resistance level of 54.92.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
