Crude Oil: Oil trading on a stronger footing this morning

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.95% against the USD and closed at USD52.25 per barrel on Friday, after the US launched a missile attack on Syria.

However, gains in crude oil were trimmed, after Baker Hughes disclosed that US oil rigs advanced by 10 to 672 last week.

In the Asian session, at GMT0300, the pair is trading at 52.36, with the oil trading 0.21% higher against the USD from Friday’s close.

The pair is expected to find support at 51.59, and a fall through could take it to the next support level of 50.81. The pair is expected to find its first resistance at 53.04, and a rise through could take it to the next resistance level of 53.71.

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

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