Crude Oil: Oil trading higher in the Asian session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 1.30% against the USD and closed at USD50.68 per barrel, amid mounting worries over excess global supply. Additionally, fresh figures from Baker Hughes disclosed that the number of active oil rigs rose for the fifth-straight month by 2 to 887 in the week ended 30 November.

In the Asian session, at GMT0400, the pair is trading at 53.55, with oil trading 5.66% higher against the USD from yesterday’s close.

The pair is expected to find support at 50.85, and a fall through could take it to the next support level of 48.15. The pair is expected to find its first resistance at 55.05, and a rise through could take it to the next resistance level of 56.55.

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

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