Crude Oil Movement
On Friday, Crude Oil prices advanced 2.87% against the USD for the period ending 21:00GMT, closing at 52.71, following an upbeat 4Q GDP data in the Euro-zone, thereby raising the demand prospects of the commodity.
In the Asian session, at GMT0400, the pair is trading at 52.63, with the oil trading 0.15% lower from Friday’s close.
The pair is expected to find support at 51.29, and a fall through could take it to the next support level of 49.96. The pair is expected to find its first resistance at 53.82, and a rise through could take it to the next resistance level of 55.02.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
