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 1.63% against the USD and closed at USD61.97 per barrel on Friday, after fresh figures from Baker Hughes disclosed that the number of active oil rigs in the US rose by 11 to 808 in the week ended 06 April, hitting its highest level since March 2015.

In the Asian session, at GMT0300, the pair is trading at 62.24, with oil trading 0.44% higher against the USD from Friday’s close.

The pair is expected to find support at 61.47, and a fall through could take it to the next support level of 60.71. The pair is expected to find its first resistance at 63.34, and a rise through could take it to the next resistance level of 64.45.

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

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