Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 2.46% against the USD and closed at USD56.59 per barrel on Friday, as a major US crude pipeline was shut after it leaked oil onto agricultural land.
Separately, Baker Hughes disclosed that active oil rigs in US remained steady at 738 in the week ended 17 November.
In the Asian session, at GMT0400, the pair is trading at 56.63, with oil trading 0.07% higher against the USD from Friday’s close.
The pair is expected to find support at 55.69, and a fall through could take it to the next support level of 54.76. The pair is expected to find its first resistance at 57.13, and a rise through could take it to the next resistance level of 57.64.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
