Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil rose 4.61% against the USD and closed at 33.55, on rising speculation that the Organization of the Petroleum Exporting countries (OPEC) would bring down its production output to help clear a supply glut.
In the Asian session, at GMT0400, the pair is trading at 33.59, with the oil trading 0.12% higher from yesterday’s close.
The pair is expected to find support at 31.95, and a fall through could take it to the next support level of 30.30. The pair is expected to find its first resistance at 35.03, and a rise through could take it to the next resistance level of 36.46.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
