Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 2.03% against the USD and closed at USD61.69 per barrel, as prospects of tightening supplies and diminishing worries over global economic growth boosted demand outlook for the commodity.
In the Asian session, at GMT0300, the pair is trading at 61.79, with oil trading 0.16% higher against the USD from yesterday’s close, helped by strong Chinese economic data that eased demand concerns and US sanctions against Iran and Venezuela.
The pair is expected to find support at 60.82, and a fall through could take it to the next support level of 59.82. The pair is expected to find its first resistance at 62.39, and a rise through could take it to the next resistance level of 63.00.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
