For the 24 hours to 23:00 GMT, Crude Oil rose 2.93% against the USD and closed at USD41.04 per barrel, as major oil producers tightened oil supplies. Adding to the positive sentiment, Bank of America (BofA) Global Research upgraded its oil price forecast for this year and next and raised its price targets for the commodity.
In the Asian session, at GMT0300, the pair is trading at 40.61, with oil trading 1.05% lower against the USD from yesterday’s close.
The pair is expected to find support at 39.58, and a fall through could take it to the next support level of 38.55. The pair is expected to find its first resistance at 41.44, and a rise through could take it to the next resistance level of 42.27.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
