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 0.92% against the USD and closed at USD58.97 per barrel on Friday, as continued shutdown of the Keystone pipeline disrupted deliveries to storage facilities and amid growing speculation that OPEC could well extend the output cap further into next year.

In the Asian session, at GMT0400, the pair is trading at 58.72, with oil trading 0.42% lower against the USD from Friday’s close.

The pair is expected to find support at 58.40, and a fall through could take it to the next support level of 58.09. The pair is expected to find its first resistance at 59.04, and a rise through could take it to the next resistance level of 59.37.

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

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