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 0.49% against the USD and closed at USD61.25 per barrel on Friday, as broad weakness in the US Dollar increased demand for the commodity.

Separately, Baker Hughes disclosed that US oil rig count rose by 1 to 800 in the week ended 02 March.

In the Asian session, at GMT0400, the pair is trading at 61.53, with oil trading 0.46% higher against the USD from Friday’s close.

The pair is expected to find support at 60.54, and a fall through could take it to the next support level of 59.55. The pair is expected to find its first resistance at 62.11, and a rise through could take it to the next resistance level of 62.69.

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

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