For the 24 hours to 23:00 GMT, Crude Oil declined 0.66% against the USD and closed at USD54.01 per barrel on Friday, after Baker Hughes disclosed that US oil rig count rose by 5 to a total of 602 in the week ended 24 February, advancing for the sixth consecutive week.
In the Asian session, at GMT0400, the pair is trading at 54.15, with the oil trading 0.26% higher against the USD from Friday’s close.
The pair is expected to find support at 53.77, and a fall through could take it to the next support level of 53.39. The pair is expected to find its first resistance at 54.52, and a rise through could take it to the next resistance level of 54.89.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.