Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.51% against the USD and closed at USD43.61 per barrel, giving up its earlier losses, after news emerged that OPEC members were seeking to resolve their differences on a deal to cut production ahead of a meeting later this month.
In the Asian session, at GMT0400, the pair is trading at 44.15, with the oil trading 1.24% higher from yesterday’s close.
The pair is expected to find support at 42.81, and a fall through could take it to the next support level of 41.48. The pair is expected to find its first resistance at 44.87, and a rise through could take it to the next resistance level of 45.60.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
