Crude Oil: Oil trading marginally higher in the Asian session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.71% against the USD and closed at USD69.27 per barrel on Friday, amid concerns over the impact of US sanctions on Iran’s oil exports on crude supply.

Meanwhile, weekly figures from Baker Hughes disclosed that the number of active oil rigs advanced by 4 at 873, registering its highest level since March 2015, in the week ended 19 October.

In the Asian session, at GMT0300, the pair is trading at 69.31, with oil trading 0.06% higher against the USD from Friday’s close.

The pair is expected to find support at 68.66, and a fall through could take it to the next support level of 68.00. The pair is expected to find its first resistance at 69.87, and a rise through could take it to the next resistance level of 70.42.

Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.

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