Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 17.26% against the USD and closed at USD24.86 per barrel, after the US President, Donald Trump stated that he expects Saudi Arabia and Russia to reach a deal on oil production cut.
In the Asian session, at GMT0300, the pair is trading at 24.40, with oil trading 1.85% lower against the USD from yesterday’s close.
The pair is expected to find support at 21.16, and a fall through could take it to the next support level of 17.91. The pair is expected to find its first resistance at 27.52, and a rise through could take it to the next resistance level of 30.63.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
