Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.58% against the USD and closed at USD51.35 per barrel, amid reports that Russian officials are considering production cuts together with the Organisation of the Petroleum Exporting Countries.
In the Asian session, at GMT0400, the pair is trading at 51.62, with oil trading 0.53% higher against the USD from yesterday’s close.
The pair is expected to find support at 49.95, 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 52.74, and a rise through could take it to the next resistance level of 53.87.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.