For the 24 hours to 23:00 GMT, Crude Oil rose 3.19% against the USD and closed at USD54.41 per barrel on Friday, after fresh figures from Baker Hughes disclosed that the number of active oil rigs dropped by 6 to 764 in the week ended 09 August 2019, hitting its lowest level since February 2018.
In the Asian session, at GMT0300, the pair is trading at 54.30, with oil trading 0.20% lower against the USD from Friday’s close, as the International Energy Agency (IEA) lowered its 2019 and 2020 global oil demand growth forecast, amid worries about an economic slowdown and US-China trade tensions.
The pair is expected to find support at 52.83, and a fall through could take it to the next support level of 51.35. The pair is expected to find its first resistance at 55.35, and a rise through could take it to the next resistance level of 56.39.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.