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 1.11% against the USD and closed at USD46.61 per barrel on Friday, lifted by mounting hopes for stronger global oil demand this year.

However, gains in crude prices were capped after Baker Hughes disclosed that active oil rigs in the US rose by 2 to 765 in the week to 14 July.

In the Asian session, at GMT0300, the pair is trading at 46.64, with the oil trading 0.06% higher against the USD from Friday’s close.

The pair is expected to find support at 46.05, and a fall through could take it to the next support level of 45.45. The pair is expected to find its first resistance at 46.99, and a rise through could take it to the next resistance level of 47.33.

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

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