Crude Oil: Oil trading higher this morning

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 2.03% against the USD and closed at USD45.44 per barrel on Friday, amid ongoing worries over slowdown in demand. Additionally, fresh figures from Baker Hughes disclosed that the number of active oil rigs rose by 10 to 883 in the week ended 21 December.

In the Asian session, at GMT0400, the pair is trading at 45.97, with oil trading 1.17% higher against the USD from Friday’s close.

The pair is expected to find support at 45.20, and a fall through could take it to the next support level of 44.44. The pair is expected to find its first resistance at 46.66, and a rise through could take it to the next resistance level of 47.36.

Crude oil is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.

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