Crude Oil: Oil trading reverses its gain in the Asian session

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 0.94% against the USD and closed at USD53.67 per barrel on Friday, amid worries over the US sanctions for Venezuela’s oil exports. Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs climbed by 10 to 862 in the week ended 25 January 2019.

In the Asian session, at GMT0400, the pair is trading at 53.35, with oil trading 0.60% lower against the USD from Friday’s close, amid escalating concerns of an increase in US crude production.

The pair is expected to find support at 52.87, and a fall through could take it to the next support level of 52.38. The pair is expected to find its first resistance at 53.88, and a rise through could take it to the next resistance level of 54.40.

Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.

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