Crude Oil Movement
For the 24 hours to 23:00 GMT, Crude Oil declined 0.58% against the USD and closed at USD56.12 per barrel on Friday, amid growing worries over global economic growth and energy demand. Meanwhile, fresh figures from Baker Hughes disclosed that the number of active oil rigs declined by 9 to 834 in the week ended 08 March.
In the Asian session, at GMT0400, the pair is trading at 56.37, with oil trading 0.45% higher against the USD from Friday’s close, after Saudi Energy Minister, Khalid al-Falih stated that a halt in OPEC-led supply cuts was unlikely before June.
The pair is expected to find support at 55.10, and a fall through could take it to the next support level of 53.83. The pair is expected to find its first resistance at 57.06, and a rise through could take it to the next resistance level of 57.75.
Crude oil is trading above its 20 Hr and 50 Hr moving averages.
