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 1.07% against the USD and closed at USD65.41 per barrel on Friday, pressured by rising US crude output and a stronger greenback.

On Friday, Baker Hughes reported that the number of active US oil rigs climbed by 6 to 765 in the week ended 02 February.

In the Asian session, at GMT0400, the pair is trading at 64.77, with oil trading 0.98% lower against the USD from Friday’s close.

The pair is expected to find support at 64.08, and a fall through could take it to the next support level of 63.38. The pair is expected to find its first resistance at 65.86, and a rise through could take it to the next resistance level of 66.94.

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

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