Crude Oil: Oil reverses its losses in the Asian session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 3.34% against the USD and closed at USD62.83 per barrel on Friday, after the US President Donald Trump continued to pressure the OPEC to increase oil production in order to lower prices.

Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs fell by 20 to 805 in the week ended 26 April 2019, declining by the most since January 2018.

In the Asian session, at GMT0300, the pair is trading at 62.98, with oil trading 0.24% higher against the USD from Friday’s close.

The pair is expected to find support at 61.82, and a fall through could take it to the next support level of 60.65. The pair is expected to find its first resistance at 64.61, and a rise through could take it to the next resistance level of 66.23.

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

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