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.
