Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.44% against the USD and closed at USD56.57 per barrel on Friday, after fresh figures from Baker Hughes disclosed that the number of active oil rigs fell by 4 to 738 in the week ended 06 September 2019, registering its third consecutive decline.
In the Asian session, at GMT0300, the pair is trading at 57.10, with oil trading 0.94% higher against the USD from Friday’s close.
The pair is expected to find support at 55.56, and a fall through could take it to the next support level of 54.01. The pair is expected to find its first resistance at 57.92, and a rise through could take it to the next resistance level of 58.73.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
