Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil rose 0.99% against the USD and closed at USD49.76 per barrel, extending its previous session gains, amid prospects of higher demand for the commodity.
In the Asian session, at GMT0300, the pair is trading at 49.66, with the oil trading 0.2% lower against the USD from yesterday’s close.
The pair is expected to find support at 49.04, and a fall through could take it to the next support level of 48.42. The pair is expected to find its first resistance at 50.39, and a rise through could take it to the next resistance level of 51.12.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
