Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil rose 0.89% against the USD and closed at USD51.13, boosted by growing expectations that major oil exporters would agree to extend supply cuts this week and on speculation that the cuts could be deepened further.
In the Asian session, at GMT0300, the pair is trading at 51.01, with the Crude Oil trading 0.23% lower from yesterday’s close, after the US President, Donald Trump, proposed the sale of half the nation’s oil reserves in his budget plan.
The pair is expected to find support at 50.6967, and a fall through could take it to the next support level of 50.3833. The pair is expected to find its first resistance at 51.3767, and a rise through could take it to the next resistance level of 51.7433.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
