Crude Oil Movement
Crude Oil prices advanced 1.36% against the USD for the 24-hour period ending 23:00GMT, closing at 40.20, amid hopes that world’s top oil producers would agree on an output freeze at the upcoming meeting in Qatar on 17 April.
In the Asian session, at GMT0300, the pair is trading at 40.22, with the oil trading marginally higher from yesterday’s close.
The pair is expected to find support at 39.40, and a fall through could take it to the next support level of 38.57. The pair is expected to find its first resistance at 40.90, and a rise through could take it to the next resistance level of 41.57.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
