For the 24 hours to 23:00 GMT, Crude Oil rose 0.62% against the USD and closed at USD40.63 per barrel, amid news that Saudi Arabia has decided to raise the premium of its benchmark grade crude, and all other grades, by $1 per barrel and amid optimism over China’s economic recovery.

In the Asian session, at GMT0300, the pair is trading at 40.41, with oil trading 0.54% lower against the USD from yesterday’s close, on demand concerns.

The pair is expected to find support at 40.01, and a fall through could take it to the next support level of 39.62. The pair is expected to find its first resistance at 40.94, and a rise through could take it to the next resistance level of 41.48.

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Crude oil is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.

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