Crude Oil Movement
Crude Oil prices rose 2.67% against the USD for the 24 hour period ending 23:00GMT, closing at 49.61 led by resilience in Chinese equity markets and as news emerging about Russia’s military operations in Syria, which in turn raised the threat of a wider conflict in the region.
In the Asian session, at GMT0300, the pair is trading at 49.66, with the oil trading 0.10% higher from yesterday’s close.
The pair is expected to find support at 48.26, and a fall through could take it to the next support level of 46.85. The pair is expected to find its first resistance at 50.57, and a rise through could take it to the next resistance level of 51.47.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
