Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil climbed 4.19% against the USD and closed at USD51.27 per barrel, after Russia indicated that it was ready to join the Organization of the Petroleum Exporting Countries (OPEC), in measures to limit global oil production.
In the Asian session, at GMT0300, the pair is trading at 51.26, with the oil trading marginally lower from yesterday’s close.
The pair is expected to find support at 49.77, and a fall through could take it to the next support level of 48.29. The pair is expected to find its first resistance at 52.17, and a rise through could take it to the next resistance level of 53.09.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
