Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.28% against the USD and closed at USD53.77 per barrel on Friday, after the International Energy Agency (IEA) reported that production from the Organization of Petroleum Exporting Countries (OPEC) fell by 1.0 million barrels per day (mbpd) to 32.06 mbpd in January, marking a record initial compliance level of 90.0% to reduce the global oil glut.
Separately, Baker Hughes disclosed that US active oil rig count rose by 8 to 591 rigs during the last week, rising for the fourth straight week.
In the Asian session, at GMT0400, the pair is trading at 53.78, with the oil trading marginally higher from Friday’s close.
The pair is expected to find support at 53.08, and a fall through could take it to the next support level of 52.37. The pair is expected to find its first resistance at 54.31, and a rise through could take it to the next resistance level of 54.83.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
