Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.21% against the USD and closed at USD69.93 per barrel on Friday, after Baker Hughes reported that the number of active oil rigs rose by 2 to 862.0 in the week ended 31 August 2018.
In the Asian session, at GMT0300, the pair is trading at 69.59, with oil trading 0.49% lower against the USD from Friday’s close, amid increasing supplies from the OPEC and the US.
The pair is expected to find support at 69.29, and a fall through could take it to the next support level of 69.00. The pair is expected to find its first resistance at 70.12, and a rise through could take it to the next resistance level of 70.66.
Crude oil is trading below its 20 Hr and 50 Hr moving averages.
