Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.29% against the USD and closed at USD57.34 per barrel on Friday, aided by surging Chinese crude demand and fears of a strike in Africa’s largest oil exporter, Nigeria.
Separately, Baker Hughes reported that active oil rigs in US rose by 2 to 751 in the week ended 08 December.
In the Asian session, at GMT0400, the pair is trading at 57.08, with oil trading 0.45% lower against the USD from Friday’s close.
The pair is expected to find support at 56.48, and a fall through could take it to the next support level of 55.89. The pair is expected to find its first resistance at 57.73, and a rise through could take it to the next resistance level of 58.39.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.
