Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.49% against the USD and closed at USD51.14 per barrel, after the Organization of the Petroleum Exporting Countries (OPEC) and other producers promised to cut production by almost 1.8 million barrels per day (bpd) in an attempt to clear a global oversupply.
In the Asian session, at GMT0400, the pair is trading at 51.24, with the oil trading 0.2% higher 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 49.36. The pair is expected to find its first resistance at 51.83, and a rise through could take it to the next resistance level of 52.42.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
