Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 3.43% against the USD and closed at 30.45, after investors reacted to the news that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members would meet this week, to address the global supply glut.
In the Asian session, at GMT0400, the pair is trading at 30.90, with the oil trading 1.48% higher from yesterday’s close.
The pair is expected to find support at 29.63, and a fall through could take it to the next support level of 28.35. The pair is expected to find its first resistance at 31.56, and a rise through could take it to the next resistance level of 32.21.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
