For the 24 hours to 23:00 GMT, Crude Oil rose 20.35% against the USD and closed at USD17.21 per barrel, amid rising conflict between the US and Iran and after major oil-producing nations announced plans to accelerate planned production cuts.
In the Asian session, at GMT0300, the pair is trading at 17.60, with oil trading 2.27% higher against the USD from yesterday’s close.
The pair is expected to find support at 14.88, and a fall through could take it to the next support level of 12.16. The pair is expected to find its first resistance at 19.29, and a rise through could take it to the next resistance level of 20.98.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
