For the 24 hours to 23:00 GMT, Crude Oil rose 6.43% against the USD and closed at USD37.26 per barrel, as production cuts by the major oil producers outweighed demand fears in the new wave of coronavirus cases.
In the Asian session, at GMT0300, the pair is trading at 37.21, with oil trading 0.13% lower against the USD from yesterday’s close.
The pair is expected to find support at 35.23, and a fall through could take it to the next support level of 33.26. The pair is expected to find its first resistance at 38.31, and a rise through could take it to the next resistance level of 39.42.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
