Crude Oil: Oil trading slightly higher this morning

Crude Oil

Crude Oil Movement

For the 24 hours to 23:00 GMT, Crude Oil rose 3.09% against the USD and closed at USD62.11 per barrel on Friday, after fresh figures from Baker Hughes indicated that active oil rigs in the US fell by 4 to 796 in the week ended 09 March, dropping for the first time in 7 weeks.

In the Asian session, at GMT0400, the pair is trading at USD62.12 per barrel, with oil trading marginally higher against the USD from Friday’s close.

The pair is expected to find support at 60.73, and a fall through could take it to the next support level of 59.34. The pair is expected to find its first resistance at 62.92, and a rise through could take it to the next resistance level of 63.72.

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

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