Crude Oil Movement
Crude Oil prices advanced 4.30% against the USD for the 24 hour period ending 23:00GMT, closing at 51.85, after oversupply threats receded, as traders speculated that it could take several months for Iran to increase its crude oil production for export, following a deal with global powers over its nuclear program.
Oil prices also remained in green, as Saudi Arabia, over the weekend, announced that it raised its oil prices for May sales to Asia, increasing prices for the second straight month.
In the Asian session, at GMT0300, the pair is trading at 51.75, with the oil trading 0.19% lower from yesterday’s close.
The pair is expected to find support at 50.30, and a fall through could take it to the next support level of 48.86. The pair is expected to find its first resistance at 52.71, and a rise through could take it to the next resistance level of 53.68.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
