Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil rose 1.83% against the USD and closed at USD54.01 per barrel on Friday. Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs dropped by 11 to 789, lowest since February 2018 in the week ended 07 June 2019.
In the Asian session, at GMT0300, the pair is trading at 54.26, with oil trading 0.46% higher against the USD from Friday’s close.
The pair is expected to find support at 53.08, and a fall through could take it to the next support level of 51.89. The pair is expected to find its first resistance at 54.99, and a rise through could take it to the next resistance level of 55.71.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
