Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.54% against the USD and closed at USD54.93 per barrel on Friday, amid mounting concerns over excessive global supply.
Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs fell by 5 to 733 in the week ended 13 September 2019.
In the Asian session, at GMT0300, the pair is trading at 59.54, with oil trading 8.39% higher against the USD from Friday’s close, amid disruptions to oil supply, following an attack on Saudi Arabia’s oil facilities.
The pair is expected to find support at 55.49, and a fall through could take it to the next support level of 51.43. The pair is expected to find its first resistance at 62.55, and a rise through could take it to the next resistance level of 65.55.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
