Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 2.26% against the USD and closed at USD55.69 per barrel on Friday, amid tightening global supplies and progress in US-China trade negotiations.
Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs rose by 3 to 857, in the week ended 15 February.
In the Asian session, at GMT0400, the pair is trading at 55.81, with oil trading 0.22% higher against the USD from Friday’s close.
The pair is expected to find support at 54.66, and a fall through could take it to the next support level of 53.50. The pair is expected to find its first resistance at 56.55, and a rise through could take it to the next resistance level of 57.28.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
