Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.38% against the USD and closed at USD53.74 per barrel, amid optimism that major oil producers have been cutting back crude output as agreed.
In the Asian session, at GMT0400, the pair is trading at 53.85, with the oil trading 0.2% higher from yesterday’s close.
The pair is expected to find support at 53.07, and a fall through could take it to the next support level of 52.30. The pair is expected to find its first resistance at 54.34, and a rise through could take it to the next resistance level of 54.84.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
