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Crude Oil: Oil Trading On A Stronger Footing In The Asian Session Print E-mail
Analysis | Commodity Market Commentaries | Written by GCI Financial | Wed Oct 11 17 02:38 ET

For the 24 hours to 23:00 GMT, Crude Oil rose 2.64% against the USD and closed at USD50.88 per barrel, amid a pledge from OPEC leader Saudi Arabia to cut its oil exports in November.

In the Asian session, at GMT0300, the pair is trading at 51.04, with the oil trading 0.31% higher against the USD from yesterday’s close.

The pair is expected to find support at 50.02, and a fall through could take it to the next support level of 48.99. The pair is expected to find its first resistance at 51.61, and a rise through could take it to the next resistance level of 52.17.

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

GCI Financial

DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

 

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