Crude Oil Movement
Crude Oil prices advanced 5.54% against the USD for the 24 hour period ending 23:00GMT, closing at 49.88, extending its previous session high gains. Meanwhile, oil prices were further supported after a report revealed that the demand for leasing oil rigs in the US was slowing, thereby indicating that producers might be preparing to slash output.
In the Asian session, at GMT0400, the pair is trading at 50.00, with the oil trading 0.24% higher from yesterday’s close.
The pair is expected to find support at 47.64, and a fall through could take it to the next support level of 45.29. The pair is expected to find its first resistance at 51.45, and a rise through could take it to the next resistance level of 52.91.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
