Analysis | Commodity Market Commentaries |
Written by GCI Financial |
Fri Feb 17 17 02:18 ET
For the 24 hours to 23:00 GMT, Crude Oil rose 0.79% against the USD and closed at USD53.43 per barrel, on news that OPEC members could extend its plan to cut crude output in order to rein-in a global supply-glut.
In the Asian session, at GMT0400, the pair is trading at 53.43, with the oil trading flat from yesterday’s close.
The pair is expected to find support at 52.88, and a fall through could take it to the next support level of 52.32. The pair is expected to find its first resistance at 53.79, and a rise through could take it to the next resistance level of 54.14.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
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