Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 2.59% against the USD and closed at USD55.69 per barrel on Friday, amid concerns over the demand for the commodity.
Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs declined by 10 to 843 in the week ended 01 March 2019.
In the Asian session, at GMT0400, the pair is trading at 56.05, with oil trading 0.65% higher against the USD from Friday’s close.
The pair is expected to find support at 55.12, and a fall through could take it to the next support level of 54.19. The pair is expected to find its first resistance at 57.43, and a rise through could take it to the next resistance level of 58.81.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
