Crude Oil Movement
For the 24 hours to 23:00 GMT, the Crude Oil rose 2.43% against the USD and closed at USD53.95 per barrel on Friday, amid expectations that OPEC and other major oil producers would extend curbs on crude oil supplies for another nine months to the end of the next year.
Meanwhile, Baker Hughes reported that US oil rig count rose by 1 to 737 in the week ended 27 October 2017.
In the Asian session, at GMT0400, the pair is trading at USD53.95 per barrel, with the Crude Oil trading flat from Friday’s close.
The pair is expected to find support at 52.73, and a fall through could take it to the next support level of 51.51. The pair is expected to find its first resistance at 54.68, and a rise through could take it to the next resistance level of 55.41.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
