Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 1.15% against the USD and closed at USD60.36 per barrel on Friday, after Baker Hughes reported that the number of active US oil rigs for drilling jumped by 18 to 685 for the week ended 20 December 2019, marking its second straight weekly rise in active rigs.
In the Asian session, at GMT0400, the pair is trading at 60.25, with oil trading 0.18% lower against the USD from Friday’s close.
The pair is expected to find support at 59.78, and a fall through could take it to the next support level of 59.31. The pair is expected to find its first resistance at 60.96, and a rise through could take it to the next resistance level of 61.67.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
