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

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil declined marginally against the USD and closed at USD67.87 per barrel on Friday.

Fresh figures from Baker Hughes disclosed that the number of active oil rigs declined by 2 to 860 in the week ended 7 September.

In the Asian session, at GMT0300, the pair is trading at 68.22, with oil trading 0.52% higher against the USD from Friday’s close.

The pair is expected to find support at 67.29, and a fall through could take it to the next support level of 66.37. The pair is expected to find its first resistance at 68.71, and a rise through could take it to the next resistance level of 69.21.

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

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