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 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.

This entry was posted in Crude Oil. Bookmark the permalink.

Comments are closed.