Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.06% against the USD and closed at USD61.65 per barrel on Friday. Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs declined by 8 to 677 in the week ended 27 December 2019. Additionally, the Energy Information Administration (EIA) report indicated that US crude oil stockpiles fell more-than-expected by 5.5 million barrels to 441.4 million in the week ended 20 December 2019.
In the Asian session, at GMT0400, the pair is trading at 61.79, with oil trading 0.23% higher against the USD from Friday’s close.
The pair is expected to find support at 61.36, and a fall through could take it to the next support level of 60.974. The pair is expected to find its first resistance at 62.09, and a rise through could take it to the next resistance level of 62.40.
Crude oil is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
