Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil surged 4.46% against the USD and closed at 37.95, on hopes that an output-deal among major producers will help curb production and reduce the persistent global supply glut.
In the Asian session, at GMT0400, the pair is trading at 37.50, with the oil trading 1.19% lower from yesterday’s close.
The pair is expected to find support at 36.36, and a fall through could take it to the next support level of 35.21. The pair is expected to find its first resistance at 38.38, and a rise through could take it to the next resistance level of 39.25.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
