Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.87% against the USD and closed at USD56.91 per barrel, amid reports that Saudi Arabia is planning to curb its oil exports to below 7 million barrels per day in April, in order to reduce supply glut.
In the Asian session, at GMT0400, the pair is trading at 57.06, with oil trading 0.26% higher against the USD from yesterday’s close, amid rising crude demand and OPEC-led supply cuts.
The pair is expected to find support at 56.52, and a fall through could take it to the next support level of 55.97. The pair is expected to find its first resistance at 57.38, and a rise through could take it to the next resistance level of 57.69.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.