Crude Oil: Oil reverses its gains in the Asian session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.20% against the USD and closed at USD63.81 per barrel on Friday, as mounting turmoil in Libya and OPEC led production cuts tightened oil supply in the global market. Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs rose by 2 to 833 in the week ended 12 April.

In the Asian session, at GMT0300, the pair is trading at 63.68, with oil trading 0.20% lower against the USD from Friday’s close.

The pair is expected to find support at 63.18, and a fall through could take it to the next support level of 62.67. The pair is expected to find its first resistance at 64.42, and a rise through could take it to the next resistance level of 65.15.

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

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