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 declined 0.28% against the USD and closed at USD56.86 per barrel on Friday, after fresh figures from Baker Hughes indicated that the number of active US oil rigs rose by 9 to 738 in the week ended 10 November, adding the most rigs since June 2017.

In the Asian session, at GMT0400, the pair is trading at 56.80, with the oil trading 0.11% lower against the USD from Friday’s close.

The pair is expected to find support at 56.45, and a fall through could take it to the next support level of 56.10. The pair is expected to find its first resistance at 57.25, and a rise through could take it to the next resistance level of 57.70.

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

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