Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.63% against the USD and closed at USD48.76 per barrel, after Iranian President, Hassan Rouhani, urged other oil producers to join OPEC to stabilise oil market.
In the Asian session, at GMT0300, the pair is trading at 48.56, with the oil trading 0.41% lower from yesterday’s close.
The pair is expected to find support at 47.94, and a fall through could take it to the next support level of 47.32. The pair is expected to find its first resistance at 49.1, and a rise through could take it to the next resistance level of 49.64.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
