Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 0.87% against the USD and closed at USD59.09 per barrel, following OPEC led supply cuts and US sanctions on Iran’s and Venezuela’s oil exports.
On Friday, fresh figures from Baker Hughes disclosed that the number of active oil rigs slid by 5 to 797 in the week ended 24 May 2019.
In the Asian session, at GMT0300, the pair is trading at 59.17, with oil trading 0.14% higher against the USD from yesterday’s close.
The pair is expected to find support at 58.44, and a fall through could take it to the next support level of 57.70. The pair is expected to find its first resistance at 59.60, and a rise through could take it to the next resistance level of 60.02.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
