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 0.68% against the USD and closed at USD62.74 per barrel on Friday, amid concerns over crude oil demand.

Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs declined to a 14-month low level by 3 to 802 in the week ended 17 May 2019.

In the Asian session, at GMT0300, the pair is trading at 63.60, with oil trading 1.37% higher against the USD from Friday’s close, after OPEC signalled that it would maintain output cuts.

The pair is expected to find support at 62.81, and a fall through could take it to the next support level of 62.02. The pair is expected to find its first resistance at 64.10, and a rise through could take it to the next resistance level of 64.60.

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

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