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.