Crude Oil: Oil extends its losses in the Asian session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 0.26% against the USD and closed at USD58.43 per barrel on Friday.

Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs fell by 1 to 833 in the week ended 15 March 2019, marking its lowest level since April 2018.

In the Asian session, at GMT0400, the pair is trading at 58.31, with oil trading 0.21% lower against the USD from Friday’s close.

The pair is expected to find support at 57.72, and a fall through could take it to the next support level of 57.12. The pair is expected to find its first resistance at 58.93, and a rise through could take it to the next resistance level of 59.54.

Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.

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