For the 24 hours to 23:00 GMT, Crude Oil rose 1.33% against the USD and closed at USD52.38 per barrel on Friday, after OPEC and its allies agreed to reduce oil output starting next year.Additionally, fresh figures from Baker Hughes disclosed that the number of active oil rigs fell by 10 to 877 in the week ended 07 November.
In the Asian session, at GMT0400, the pair is trading at 52.61, with oil trading 0.44% higher against the USD from Friday’s close.
The pair is expected to find support at 50.73, and a fall through could take it to the next support level of 48.86. The pair is expected to find its first resistance at 54.35, and a rise through could take it to the next resistance level of 56.09.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.