Crude Oil Movement
Crude Oil prices advanced 2.22% against the USD for the 24 hour period ending 23:00GMT, closing at 57.58, after renewed violence in Yemen, heightened concerns about the Middle East oil supplies.
In the Asian session, at GMT0300, the pair is trading at 57.47, with the oil trading 0.19% lower from yesterday’s close.
The pair is expected to find support at 56.01, and a fall through could take it to the next support level of 54.56. The pair is expected to find its first resistance at 58.66, and a rise through could take it to the next resistance level of 59.86.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
