Crude Oil: Oil trading extends its gains in the Asian session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.52% against the USD and closed at USD71.54 per barrel on Friday.

Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs advanced by 8 at 869, in the week ended 12 October.

In the Asian session, at GMT0300, the pair is trading at 72.14, with oil trading 0.84% higher against the USD from Friday’s close, after South Korea paused any oil imports from Iran for the first time in six years in September, prior to the US sanctions which takes effect in November.

The pair is expected to find support at 71.06, and a fall through could take it to the next support level of 69.97. The pair is expected to find its first resistance at 72.81, and a rise through could take it to the next resistance level of 73.47.

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

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