Crude Oil: Crude oil reverses its gains in the Asian session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.69% against the USD and closed at USD65.85 per barrel on Friday, amid easing trade tensions between the US and China.

Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs remained unchanged at 869 in the week ended 17 August.

In the Asian session, at GMT0300, the pair is trading at 65.75, with oil trading 0.15% lower against the USD from Friday’s close, amid concerns over slowing economic growth.

The pair is expected to find support at 65.27, and a fall through could take it to the next support level of 64.79. The pair is expected to find its first resistance at 66.31, and a rise through could take it to the next resistance level of 66.87.

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

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