Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.51% against the USD and closed at USD58.50 per barrel on Friday.
Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs declined by 14 to 719 in the week ended 20 September 2019.
In the Asian session, at GMT0300, the pair is trading at 58.65, with oil trading 0.26% higher against the USD from Friday’s close, amid disturbances in oil supplies from Saudi Arabia and escalating tensions in the Middle East.
The pair is expected to find support at 57.97, and a fall through could take it to the next support level of 57.30. The pair is expected to find its first resistance at 59.28, and a rise through could take it to the next resistance level of 59.92.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
