Crude Oil Movement
On Friday, Crude Oil prices advanced 1.91% against the USD for the period ending 21:00GMT, closing at 51.71, on news of declining US drilling activity and after abating concerns over Iran’s oil flooding an already oversupplied market in the near term.
In the Asian session, at GMT0300, the pair is trading at 51.82, with the oil trading 0.21% higher from Friday’s close.
The pair is expected to find support at 50.60, and a fall through could take it to the next support level of 49.38. The pair is expected to find its first resistance at 52.51, and a rise through could take it to the next resistance level of 53.20.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
