Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.16% against the USD and closed at USD61.19 per barrel, as optimism over rising global crude demand continued to support demand for the commodity. The International Energy Agency forecasted that global oil demand would grow by 1.50 million barrels to 99.30 million barrels per day in 2018.
In the Asian session, at GMT0400, the pair is trading at 61.17, with oil trading a tad lower against the USD from yesterday’s close.
The pair is expected to find support at 60.81, and a fall through could take it to the next support level of 60.46. The pair is expected to find its first resistance at 61.53, and a rise through could take it to the next resistance level of 61.90.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
