Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.15% against the USD and closed at USD59.11 per barrel, amid OPEC-led supply cuts and US sanctions against Iran and Venezuela.
In the Asian session, at GMT0400, the pair is trading at 59.20, with oil trading 0.15% higher against the USD from yesterday’s close.
The pair is expected to find support at 58.46, and a fall through could take it to the next support level of 57.71. The pair is expected to find its first resistance at 59.66, and a rise through could take it to the next resistance level of 60.11.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.