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 slightly rose against the USD and closed at USD51.58 per barrel on Friday.

Meanwhile, Baker Hughes disclosed that active oil rigs in the US rose by 6 to 750 in the week ended 29 September.

In the Asian session, at GMT0300, the pair is trading at 51.54, with the oil trading 0.08% lower against the USD from Friday’s close, after a survey showed that OPEC crude production rose by 50,000 barrels per day in September.

The pair is expected to find support at 51.27, and a fall through could take it to the next support level of 51. The pair is expected to find its first resistance at 51.79, and a rise through could take it to the next resistance level of 52.04.

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

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