For the 24 hours to 23:00 GMT, Crude Oil rose 3.82% against the USD and closed at USD39.09 per barrel, after the Organisation of the Petroleum Exporting Countries and its allies recommended countries such as Iraq and Kazakhstan to improve compliance with pledged production cuts.
In the Asian session, at GMT0300, the pair is trading at 39.23, with oil trading 0.36% higher against the USD from yesterday’s close.
The pair is expected to find support at 37.75, and a fall through could take it to the next support level of 36.28. The pair is expected to find its first resistance at 40.10, and a rise through could take it to the next resistance level of 40.98.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
