Crude Oil: Oil extends its gains in the Asian session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 1.21% against the USD and closed at USD60.15 per barrel on Friday, after Baker Hughes reported that US oil rig count fell for a second consecutive week by 8 to 816 last week.

In the Asian session, at GMT0300, the pair is trading at USD60.50, with oil trading 0.58% higher against the USD from Friday’s close, amid tightening global crude oil market, following OPEC-led supply cuts and US sanctions on Iran and Venezuela.

The pair is expected to find support at 59.70, and a fall through could take it to the next support level of 58.91. The pair is expected to find its first resistance at 61.01, and a rise through could take it to the next resistance level of 61.53.

Crude oil is trading above its 20 Hr and 50 Hr moving averages.

This entry was posted in Crude Oil. Bookmark the permalink.

Comments are closed.