Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.32% against the USD and closed at USD54.06 per barrel, reflecting investors’ optimism over planned production cuts from the Organization of the Petroleum Exporting Countries (OPEC) to stabilise oil prices.
Separately, Baker Hughes reported that US oil rig count rose by 2 to a total of 525, hitting its highest level since December 2015.
In the Asian session, at GMT0400, the pair is trading at 54.05, with the oil trading marginally lower from yesterday’s close.
The pair is expected to find support at 53.83, and a fall through could take it to the next support level of 53.60. The pair is expected to find its first resistance at 54.24, and a rise through could take it to the next resistance level of 54.42.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
