Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rocketed 8.52% against the USD and closed at USD49.15, after the Organisation of the Petroleum Exporting Countries (OPEC) and Russia finally reached an agreement for the first time since 2008 to reduce their oil production by 1.2 million barrels per day in order to raise global prices.
Additionally, the Energy Information Administration (EIA) recorded a draw of 0.9 million barrels in the US crude stockpiles to 488.1 million barrels in the week ended 25 November.
In the Asian session, at GMT0400, the pair is trading at 49.68, with the oil trading 1.08% higher from yesterday’s close, amid continued optimism over the production cut deal.
The pair is expected to find support at 46.75, and a fall through could take it to the next support level of 43.83. The pair is expected to find its first resistance at 51.25, and a rise through could take it to the next resistance level of 52.83.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
