For the 24 hours to 23:00 GMT, Crude Oil rose 0.96% against the USD and closed at USD52.67 per barrel, after Saudi Arabia’s Crown Prince, Mohammed bin Salman, supported an extension of OPEC-led production cut agreement beyond March 2018.
In the Asian session, at GMT0300, the pair is trading at 52.64, with the oil trading 0.06% lower against the USD from yesterday’s close.
The pair is expected to find support at 52.08, and a fall through could take it to the next support level of 51.52. The pair is expected to find its first resistance at 53.03, and a rise through could take it to the next resistance level of 53.42.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.