Crude Oil: Oil trading on a stronger footing this morning

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 1.73% against the USD and closed at USD46.34 per barrel on Friday, after Saudi Arabia assured that Russia is ready to join OPEC in extending crude production cuts to reduce a global supply glut.

Meanwhile, fresh figures from Baker Hughes indicated that oil rigs in US rose by 6 to 703 in the week ended 05 May, hitting its highest level since April 2015.

In the Asian session, at GMT0300, the pair is trading at 46.83, with the oil trading 1.06% higher from Friday’s close.

The pair is expected to find support at 44.73, and a fall through could take it to the next support level of 42.64. The pair is expected to find its first resistance at 47.95, and a rise through could take it to the next resistance level of 49.08.

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

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