Crude Oil: Oil trading firmer in the morning session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 1.44% against the USD and closed at USD55.66 per barrel on Friday, after Baker Hughes reported that US crude oil rigs fell by 8 to 729 in the week ended 03 November.

In the Asian session, at GMT0400, the pair is trading at USD55.74 per barrel, with Crude Oil trading 0.14% higher from Friday’s close, as Saudi Arabia’s Crown Prince, Mohammed bin Salman, strengthened his power through an anti-corruption crackdown in the Kingdom.

The pair is expected to find support at 54.80, and a fall through could take it to the next support level of 53.86. The pair is expected to find its first resistance at 56.28, and a rise through could take it to the next resistance level of 56.82.

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

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