Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.65% against the USD and closed at USD45.62 per barrel, as speculations intensified that major oil producers would agree to freeze production.
In the Asian session, at GMT0300, the pair is trading at 45.47, with the oil trading 0.33% lower from yesterday’s close, reversing its previous session gains.
The pair is expected to find support at 44.59, and a fall through could take it to the next support level of 43.71. The pair is expected to find its first resistance at 46.14, and a rise through could take it to the next resistance level of 46.81.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
