Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.07% against the USD and closed at USD51.97 per barrel on Friday, buoyed by a sharp decline in Iraqi crude exports amid ongoing tensions in the Kurdistan region.
Additionally, Baker Hughes disclosed that US oil rig count fell by 7 to 736 in the week ended 20 October.
In the Asian session, at GMT0300, the pair is trading at 52.05, with the oil trading 0.15% higher against the USD from Friday’s close.
The pair is expected to find support at 51.11, and a fall through could take it to the next support level of 50.18. The pair is expected to find its first resistance at 52.57, and a rise through could take it to the next resistance level of 53.10.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
