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 0.35% against the USD and closed at USD57.29 per barrel on Friday, after Baker Hughes disclosed that the number of active oil rigs in US fell by 4 to 747 in the week ended 15 December.

Additionally, ongoing outage of the Forties North Sea pipeline supported gains in crude prices.

In the Asian session, at GMT0400, the pair is trading at 57.41, with oil trading 0.21% higher against the USD from Friday’s close.

The pair is expected to find support at 57.07, and a fall through could take it to the next support level of 56.73. The pair is expected to find its first resistance at 57.62, and a rise through could take it to the next resistance level of 57.83.

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

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