For the 24 hours to 23:00 GMT, Crude Oil rose 2.36% against the USD and closed at USD53.84 per barrel on Friday, amid signs of progress in US-China trade negotiations. Additionally, fresh figures from Baker Hughes disclosed that the number of active oil rigs dropped by 21 to 852 in the week ended 18 January.
In the Asian session, at GMT0400, the pair is trading at 54.08, with oil trading 0.45% higher against the USD from Friday’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 51.69. The pair is expected to find its first resistance at 54.72, and a rise through could take it to the next resistance level of 55.37.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.