For the 24 hours to 23:00 GMT, Crude Oil rose 1.6% against the USD and closed at USD58.26 per barrel on Friday, amid optimism that the extension of production cut deal by the OPEC and non-OPEC members would rein-in persistent global supply glut.
Separately, Baker Hughes reported that active oil rigs in the US rose by 2 to 749 during the week ended 01 December.
In the Asian session, at GMT0400, the pair is trading at 57.94, with oil trading 0.55% lower against the USD from Friday’s close.
The pair is expected to find support at 57.36, and a fall through could take it to the next support level of 56.78. The pair is expected to find its first resistance at 58.7, and a rise through could take it to the next resistance level of 59.46.
Crude oil is trading between its 20 Hr and 50 Hr moving averages.