Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 7.76% against the USD and closed at 31.37, after one of the major oil producers, Iran, voiced its support to freeze production to tackle global supply glut.
Separately, the American Petroleum Institute (API) reported that US oil inventories unexpectedly fell by 3.3 million barrels in the week ended 12 February.
In the Asian session, at GMT0400, the pair is trading at 31.3, with the oil trading 0.22% lower from yesterday’s close.
The pair is expected to find support at 29.45, and a fall through could take it to the next support level of 27.59. The pair is expected to find its first resistance at 32.44, and a rise through could take it to the next resistance level of 33.57.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
