Crude Oil Movement
On Friday, Crude Oil prices declined 1.01% against the USD for the period ending 21:00GMT, closing at 56.06, as the active drilling oil rigs in US dropped by 26 units to 734 rigs.
In the Asian session, at GMT0300, the pair is trading at 56.52, with the oil trading 0.82% higher from Friday’s close.
The pair is expected to find support at 55.59, and a fall through could take it to the next support level of 54.66. The pair is expected to find its first resistance at 57.16, and a rise through could take it to the next resistance level of 57.80.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
