Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.3% against the USD and closed at USD52.71 per barrel, reversing its previous session losses, supported by strong US GDP growth data for the third quarter.
In the Asian session, at GMT0400, the pair is trading at 52.62, with the oil trading 0.17% lower from yesterday’s close.
The pair is expected to find support at 52.07, 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 53.18, and a rise through could take it to the next resistance level of 53.74.
Crude oil is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
