Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.37% against the USD and closed at USD64.67 per barrel, aided by a decline in the US Dollar and optimism that production curbs by major oil producers is draining bloated crude supplies.
In the Asian session, at GMT0400, the pair is trading at 64.52, with oil trading 0.23% lower against the USD from yesterday’s close.
The pair is expected to find support at 64.11, and a fall through could take it to the next support level of 63.70. The pair is expected to find its first resistance at 64.91, and a rise through could take it to the next resistance level of 65.30.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
