Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.45% against the USD and closed at USD50.88 on Friday, as upbeat comments from Russian Energy Minister boosted investor sentiment.
The Russian Energy Minister, Alexander Novak, stated that an agreement to freeze oil production was necessary to lift crude prices and that he would make proposals to his Saudi Arabian counterpart on price-supportive measures.
However, gains in crude prices were capped, after Baker Hughes reported that number of active oil rigs in the US rose by 11 to 443 during the last week.
In the Asian session, at GMT0300, the pair is trading at 50.48, with the oil trading 0.79% lower from Friday’s close.
The pair is expected to find support at 50.12, and a fall through could take it to the next support level of 49.76. The pair is expected to find its first resistance at 50.93, and a rise through could take it to the next resistance level of 51.38.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
