Crude Oil Movement
On Friday, Crude Oil prices advanced 1.70% against the USD for the period ending 21:00GMT, closing at 51.91, as encouraging US non-farm payrolls data boosted the demand expectations of the commodity, from the world’s largest consumer of oil.
Meanwhile, the world’s biggest oil exporter, Saudi Arabia decided to cut its oil prices to Asia for March, in the fight for market share.
In the Asian session, at GMT0400, the pair is trading at 52.34, with the oil trading 0.83% higher from Friday’s close.
The pair is expected to find support at 51.05, 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 53.51, and a rise through could take it to the next resistance level of 54.68.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
