Crude Oil Movement
Crude Oil prices advanced 3.26% against the USD for the 24-hour period ending 23:00GMT, closing at 47.88, reaching a six-month high level, as supply disruptions in Nigeria, Africa’s largest oil producer, led to speculation that it would reduce the long-standing oil glut.
In the Asian session, at GMT0300, the pair is trading at 48.20, with the oil trading 0.67% higher from yesterday’s close.
The pair is expected to find support at 47.21, and a fall through could take it to the next support level of 46.21. The pair is expected to find its first resistance at 48.74, and a rise through could take it to the next resistance level of 49.27.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
