Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil advanced 2.58% against the USD and closed at USD52.55 per barrel, after non-OPEC producers agreed to join OPEC and reduce output by 558,000 barrels per day for the first time in 15 years to tackle global supply glut.
In the Asian session, at GMT0400, the pair is trading at 52.78, with the oil trading 0.44% higher from yesterday’s close.
The pair is expected to find support at 51.81, and a fall through could take it to the next support level of 50.84. The pair is expected to find its first resistance at 54.12, and a rise through could take it to the next resistance level of 55.46.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
