Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.14% against the USD and closed at USD58.06 per barrel on Friday, after fresh figures from Baker Hughes disclosed that the number of active oil rigs advanced by 4 to 793 for the week ended 28 June.
In the Asian session, at GMT0300, the pair is trading at 59.68, with oil trading 2.79% higher against the USD from Friday’s close.
The pair is expected to find support at 58.35, and a fall through could take it to the next support level of 57.02. The pair is expected to find its first resistance at 60.41, and a rise through could take it to the next resistance level of 61.14.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
