Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 2.24% against the USD and closed at USD55.26 per barrel on Friday, amid political crisis in Venezuela and drop in OPEC crude output. Additionally, Baker Hughes reported that US oil rig count fell by 15 to 847 last week, hinting at tighter crude supply.
In the Asian session, at GMT0400, the pair is trading at 55.18, with oil trading 0.14% lower against the USD from Friday’s close.
The pair is expected to find support at 53.81, and a fall through could take it to the next support level of 52.45. The pair is expected to find its first resistance at 56.10, and a rise through could take it to the next resistance level of 57.03.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
