Crude Oil: Oil trading on a weaker footing this morning

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.88% against the USD and closed at USD50.72 per barrel on Friday, on speculation that the OPEC would extend its output cut deal.

However, gains in oil prices were capped after Baker Hughes reported that active oil rigs in US rose by 10 to 662 in the week ended 31 March, adding oil rigs for the 11th straight week.

In the Asian session, at GMT0300, the pair is trading at 50.56, with the oil trading 0.32% lower against the USD from Friday’s close.

The pair is expected to find support at 50.02, and a fall through could take it to the next support level of 49.49. The pair is expected to find its first resistance at 50.97, and a rise through could take it to the next resistance level of 51.39.

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

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