For the 24 hours to 23:00 GMT, Crude Oil rose 0.86% against the USD and closed at USD42.03 per barrel, amid positive comments from Saudi Arabia’s Aramco CEO Amin Nasser on oil demand and followed by upbeat Chinese factory data.
In the Asian session, at GMT0300, the pair is trading at 42.22, with oil trading 0.45% higher against the USD from yesterday’s close.
The pair is expected to find support at 41.72, and a fall through could take it to the next support level of 41.23. The pair is expected to find its first resistance at 42.52, and a rise through could take it to the next resistance level of 42.83.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.