Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil rose 8.19% against the USD and closed at 29.47, after a report indicated that the Organization of the Petroleum Exporting Countries (OPEC) might finally agree to curb production to clear global supply glut.
Separately, the Baker Hughes report indicated that US oil rig count fell by 28 to 439 last week.
In the Asian session, at GMT0400, the pair is trading at 29.24, with the oil trading 0.78% lower from Friday’s close.
The pair is expected to find support at 27.57, and a fall through could take it to the next support level of 25.91. The pair is expected to find its first resistance at 30.28, and a rise through could take it to the next resistance level of 31.33.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
