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

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.30% against the USD and closed at USD56.73 per barrel on Friday.

Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs rose by 2 to 888, for the fifth time in six weeks, keeping the rig count at its highest since 2015 in the week ended 10 November.

In the Asian session, at GMT0400, the pair is trading at 57.15, with oil trading 0.74% higher against the USD from Friday’s close, amid hopes that the OPEC might cut production..

The pair is expected to find support at 56.04, and a fall through could take it to the next support level of 54.93. The pair is expected to find its first resistance at 58.11, and a rise through could take it to the next resistance level of 59.07.

Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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