Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.98% against the USD and closed at USD50.95 per barrel, on growing optimism that non-OPEC producers might agree to cut crude output further in an upcoming weekend meeting.
In the Asian session, at GMT0400, the pair is trading at 50.91, with the oil trading 0.08% lower from yesterday’s close.
The pair is expected to find support at 49.98, and a fall through could take it to the next support level of 49.05. The pair is expected to find its first resistance at 51.47, and a rise through could take it to the next resistance level of 52.03.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
