For the 24 hours to 23:00 GMT, Crude Oil rose 2.33% against the USD and closed at USD58.31 per barrel, amid reports that the Organization of the Petroleum Exporting Countries (OPEC) and its allies are considering extending production curbs until mid-2020.

In the Asian session, at GMT0400, the pair is trading at 58.18, with oil trading 0.22% lower against the USD from yesterday’s close.

The pair is expected to find support at 56.96, and a fall through could take it to the next support level of 55.75. The pair is expected to find its first resistance at 59.03, and a rise through could take it to the next resistance level of 59.89.

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Crude oil is trading above its 20 Hr and 50 Hr moving averages.

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