For the 24 hours to 23:00 GMT, Crude Oil jumped 15.93% against the USD and closed at USD28.82 per barrel on Friday, amid hopes that the Organisation of the Petroleum Exporting Countries (OPEC) and its allies would announce production cuts and end the price war between Saudi Arabia and Russia. Moreover, Baker Hughes reported that US oil drilling rig count dropped by 62 to 562 last week.
In the Asian session, at GMT0300, the pair is trading at 26.99, with oil trading 6.35% lower against the USD from Friday’s close, after a scheduled meeting between Saudi Arabia and Russia was postponed.
The pair is expected to find support at 24.07, and a fall through could take it to the next support level of 21.15. The pair is expected to find its first resistance at 29.52, and a rise through could take it to the next resistance level of 32.05.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
