Crude Oil: Oil trading on a stronger footing in the morning session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined 3.12% against the USD and closed at USD47.58 on Friday, amid worries that US crude oil demand would be hit hard by Hurricane Irma.

Meanwhile, Baker Hughes disclosed that the number of active oil rigs in the US fell by 3 to 756 in the week ended 08 September.

In the Asian session, at GMT0300, the pair is trading at 47.85, with the oil trading 0.57% higher against the USD from Friday’s close, after news emerged that Saudi Arabia’s oil minister, Khalid al-Falih, discussed with Venezuela and Kazakhstan on the possible extension of a deal to cut global oil supplies beyond March 2018.

The pair is expected to find support at 46.99, and a fall through could take it to the next support level of 46.14. The pair is expected to find its first resistance at 48.98, and a rise through could take it to the next resistance level of 50.12.

Crude oil is trading below its 20 Hr and 50 Hr moving averages.

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