Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.50% against the USD and closed at USD52.41 per barrel.
In the Asian session, at GMT0400, the pair is trading at 52.78, with oil trading 0.71% higher against the USD from yesterday’s close, amid OPEC-led supply cuts and US sanctions against Iran and Venezuela..
The pair is expected to find support at 51.69, and a fall through could take it to the next support level of 50.61. The pair is expected to find its first resistance at 53.39, and a rise through could take it to the next resistance level of 54.01.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.