Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 1.72% against the USD and closed at USD51.59 per barrel, amid hopes that OPEC would approve production cuts in order to avoid excess oil supply in the market.

In the Asian session, at GMT0400, the pair is trading at 51.55, with oil trading 0.08% lower against the USD from yesterday’s close.

The pair is expected to find support at 50.74, and a fall through could take it to the next support level of 49.94. The pair is expected to find its first resistance at 52.30, and a rise through could take it to the next resistance level of 53.06.

Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.

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