For the 24 hours to 23:00 GMT, Crude Oil rose 1.61% against the USD and closed at USD24.63 per barrel, after Saudi Arabia pledged to deepen production cuts in June.
In the Asian session, at GMT0300, the pair is trading at 24.49, with oil trading 0.57% lower against the USD from yesterday’s close.
The pair is expected to find support at 23.58, and a fall through could take it to the next support level of 22.67. The pair is expected to find its first resistance at 25.49, and a rise through could take it to the next resistance level of 26.49.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
