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 1.36% against the USD and closed at USD70.56 per barrel on Friday, after fresh figures from Baker Hughes disclosed that active oil rigs in the US rose for the sixth straight session by 10 to 844 in the week ended 11 May and amid uncertainty over the US sanctions against Iran.

In the Asian session, at GMT0300, the pair is trading at 70.45, with oil trading 0.16% lower against the USD from Friday’s close.

The pair is expected to find support at 69.99, and a fall through could take it to the next support level of 69.52. The pair is expected to find its first resistance at 71.26, and a rise through could take it to the next resistance level of 72.06.

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

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