Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.83% against the USD and closed at USD55.85 per barrel on Friday, amid reports that US President, Donald Trump’s administration may limit the US portfolio investments into China.
Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs fell by 6 to 713 in the week ended 27 September 2019.
In the Asian session, at GMT0300, the pair is trading at 56.03, with oil trading 0.32% higher against the USD from Friday’s close.
The pair is expected to find support at 54.93, and a fall through could take it to the next support level of 53.84. The pair is expected to find its first resistance at 56.94, and a rise through could take it to the next resistance level of 57.86.
Crude oil is showing convergence with its 20 Hr and 50 Hr moving averages.
