Crude Oil Movement
Crude Oil prices advanced 5.51% against the USD for the 24-hour period ending 23:00GMT, closing at 41.52, after oscillating between gains and losses throughout the trading session, after the Organisation of Petroleum Exporting Countries (OPEC’s) Secretary- General, Abdalla El-Badri remained optimistic that oil prices would rebound to reach moderate levels.
In the Asian session, at GMT0400, the pair is trading at 41.45, with the oil trading 0.17% lower from yesterday’s close.
The pair is expected to find support at 39.66, and a fall through could take it to the next support level of 37.87. The pair is expected to find its first resistance at 42.52, and a rise through could take it to the next resistance level of 43.59.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
