Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.58% against the USD and closed at USD57.37 per barrel on Friday, after fresh figures from Baker Hughes disclosed that the number of active oil rigs fell by 7 to 684 in the week ended 08 November 2019.
In the Asian session, at GMT0400, the pair is trading at 56.75, with oil trading 1.08% lower against the USD from Friday’s close. In a major news Iran has discovered a new oil field with 53 billion barrels of reserves that will potentially boost the nation’s reserves by about a third.
The pair is expected to find support at 55.85, and a fall through could take it to the next support level of 54.94. The pair is expected to find its first resistance at 57.57, and a rise through could take it to the next resistance level of 58.38.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
