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 declined 2.56% against the USD and closed at USD58.93 per barrel on Friday, after fresh figures from Baker Hughes showed the biggest weekly jump in the number of active US oil rigs since January 2017 last week.

Baker Hughes reported that US oil rigs increased by 26 to 791 in the week ended 09 February.

In the Asian session, at GMT0400, the pair is trading at 59.85, with oil trading 1.56% higher against the USD from Friday’s close.

The pair is expected to find support at 58.36, and a fall through could take it to the next support level of 56.86. The pair is expected to find its first resistance at 61.06, and a rise through could take it to the next resistance level of 62.26.

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

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