For the 24 hours to 23:00 GMT, Crude Oil rose 3.55% against the USD and closed at USD47.83 per barrel, amid hopes that the Organisation of the Petroleum Exporting Countries (OPEC) and its allies would implement deeper production cuts.
In the Asian session, at GMT0400, the pair is trading at 48.08, with oil trading 0.52% higher against the USD from yesterday’s close.
The pair is expected to find support at 45.77, and a fall through could take it to the next support level of 43.46. The pair is expected to find its first resistance at 49.47, and a rise through could take it to the next resistance level of 50.86.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
