Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.18% against the USD and closed at USD60.27 per barrel on Friday, amid growing concerns over near term scenarios for demand and supply.
Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs dropped by 4 to 784 in the week ended 12 July.
In the Asian session, at GMT0300, the pair is trading at 59.97, with oil trading 0.50% lower against the USD from Friday’s close.
The pair is expected to find support at 59.63, and a fall through could take it to the next support level of 59.30. The pair is expected to find its first resistance at 60.52, and a rise through could take it to the next resistance level of 61.08.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
