Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.38% against the USD and closed at USD53.06 per barrel, after Saudi Arabia indicated that OPEC along with Russia would tighten global oil supplies to avoid a surplus.
In the Asian session, at GMT0300, the pair is trading at 53.16, with oil trading 0.19% higher against the USD from yesterday’s close.
The pair is expected to find support at 52.34, and a fall through could take it to the next support level of 51.51. The pair is expected to find its first resistance at 54.31, and a rise through could take it to the next resistance level of 55.45.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
