For the 24 hours to 23:00 GMT, Crude Oil rose 20.94% against the USD and closed at USD19.35 per barrel, amid reports that major oil companies have announced voluntary crude production cuts in an attempt to curb oversupply.
In the Asian session, at GMT0300, the pair is trading at 19.66, with oil trading 1.60% higher against the USD from yesterday’s close.
The pair is expected to find support at 17.01, and a fall through could take it to the next support level of 14.35. The pair is expected to find its first resistance at 21.40, and a rise through could take it to the next resistance level of 23.13.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
